Truist in Talks to Sell Insurance Business for $10 Billion

Truist Financial is in talks to sell its insurance brokerage unit to private equity firm Stone Point for about $10 billion, news website Semafor reported on Monday, citing people familiar with the matter.

The potential deal would be the latest example of lingering effects following the banking crisis earlier this year, which continues to redraw the industry landscape even months after the last bank failure.

A sweeping overhaul of capital rules proposed by U.S. regulators in the aftermath of the crisis is prompting banks to prioritize their core businesses, spurring a retreat from secondary ventures.