Trucordia completes debt refinancing, acquires two new agencies

Trucordia, a nationwide insurance brokerage based in Lindon, has announced that it has completed debt refinancing that it says will significantly enhance the company’s capital structure and position it for continued growth. The firm also continued its recent aggressive acquisition strategy with the purchase of two more agencies. 

The refinancing includes a $1.94 billion first lien term loan, as well as a $548 million second lien term loan with Blue Owl Capital, a New York City-based investment firm. In conjunction with the loans, Trucordia will have a $400 million revolving credit facility to support future investments, the company’s announcement said. The proceeds from the refinancing replace the company’s existing debt, significantly improving the company’s cost of capital and long-term financial flexibility, Trucordia said.

The new financing closes concurrently with a $1.3 billion investment in Trucordia by Carlyle Group of Washington, D.C., announced in June.

“These transactions are transformative for Trucordia, creating new financial and governance structures that will support the company’s continued growth,” said Felix Morgan, CEO of Trucordia. “They reflect both the significant work we have done in the last four years to build the nation’s next great insurance brokerage and the confidence in our strategy to accelerate our success.”

Trucordia also announced the acquisition of two more agencies, Fuhriman Insurance of Boise and Vegas Valley Benefit Plans of Las Vegas.

Fuhriman Insurance offers a comprehensive suite of insurance solutions for auto, home, commercial, life, umbrella, renters, workers compensation, toys and pest control, offering clients the ability to research and compare quotes online from multiple carriers.

Vegas Valley Benefit Plans is a provider of employee benefits and insurance, including medical, dental, vision, life and disability, as well as retirement planning services to businesses and individuals throughout southern Nevada.

Morgan said Trucordia’s acquisition strategy is focused on partnering with businesses that share its values of integrity, innovation and community commitment. The company has more than 5,000 team members across the United States, and Morgan expects the number to grow with the new financing in place.