Fitch Ratings announced on October 3, 2024, that it has placed the Long-Term Issuer Default Ratings (IDRs) of Truist Insurance Holdings, LLC (TIH) and Panther Platform Midco, L.P. (Panther) at 'Rating Watch Evolving' (RWE). This action reflects uncertainty regarding TIH's capital structure following its divestiture from Truist Financial Corporation.
The rating agency noted that the divestiture of TIH in May 2024 narrowed Truist Financial's business mix, which is expected to constrain its business and earnings profiles over the rating horizon. Conversely, Truist Financial's CET1 ratio had increased to 11.6% at Q2 2024 from 9.6% at Q2 2023 due to the sale of TIH.
Fitch also placed McGriff Insurance Services, LLC's Long-Term IDR on 'Rating Watch Positive' (RWP) following Marsh & McLennan Companies, Inc.'s (MMC) announced plan to acquire McGriff. The resolution of these rating watches is anticipated once sufficient information on TIH's post-transaction credit profile or the completion of the McGriff acquisition is available.
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