Abu Dhabi’s sovereign investment arm Mubadala Investment Company is teaming up with private equity firm Stone Point Capital and other investors to fully buy out US insurance broker Truist Insurance Holdings.
Mubadala and its co-investors in the deal, including Clayton Dubilier & Ross (CD&R), are buying the remaining 80 per cent stake held by US commercial and investment bank Truist Financial Corporation in its insurance unit, the Abu Dhabi fund said on Thursday.
In March last year, Mubadala and its co-investors announced the purchase of a 20 per cent stake in Truist Insurance, in a deal valued at $1.95 billion.
The all-cash transaction places Truist Insurance, the fifth-largest insurer in the US, at an implied enterprise value of $15.5 billion.
The parties expect to complete the transaction during the second quarter of 2024, subject to regulatory approvals.
Truist’s board has unanimously approved the agreement, Mubadala said.
“We are tremendously excited to have the opportunity to make an additional investment in Truist Insurance Holdings,” said Luca Molinari, head of Asia and Financial Services at Mubadala.
“It is a fantastic business led by a top management team, and together with our partners at Stone Point Capital and CD&R we are looking forward to further enabling its growth.”
Based in Charlotte, North Carolina, Truist Insurance operates more than 200 offices through its portfolio of wholesale, retail, and insurance services businesses.
The investment shows “the significant value of Truist Insurance Holdings and strategically positions it, and Truist, for long-term success”, Truist chairman and chief executive Bill Rogers said in March last year.
Mubadala, which is at the centre of the UAE's efforts to diversify its economy, manages more than $284 billion in assets globally.
Its interests span six continents and in recent years it has stepped up its investment in health care, technology, mobility, clean energy and life sciences as it grows its portfolio, with a particular focus on investments in the US and fast-growing Asian markets.
Last year, Mubadala revealed new investment deals in India as part of its expansion in the world’s most populous country.
Earlier this month, Mubadala said it was investing in India’s Manipal Health Enterprises as part of its continued expansion in Asia’s third-largest economy.
Manipal, founded by Ranjan Pai in 1991, operates more than 30 hospitals across India, serving about six million patients per year, Mubadala said at the time.
In April last year, Mubadala and the British Columbia Investment Management Corporation, a Canadian pension fund, became anchor investors in Cube Highways Trust, an infrastructure investment trust in India.
In 2023, Mubadala was ranked by the Global SWF report as one of the top 10 most-active deal makers among global sovereign wealth funds – along with Saudi Arabia’s Public Investment Fund, Abu Dhabi Investment Authority and ADQ.
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Leicester City 2 (Maddison 55', Tielemans 72')
Man of the match James Maddison (Leicester)
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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Umtiti (8'), Griezmann (29' pen), Dembele (63')
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Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
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%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EMaly%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Mo%20Ibrahim%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%20International%20Financial%20Centre%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20%241.6%20million%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2015%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%2C%20planning%20first%20seed%20round%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GCC-based%20angel%20investors%3C%2Fp%3E%0A
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
UAE currency: the story behind the money in your pockets
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
