Legal 1031 Exchange Services, LLC (“Legal 1031”) and Kensington Vanguard National Land Services (“KV”) are proud to announce that our parent company, Truist Insurance Holdings (“TIH”), the fifth-largest insurance brokerage in the United States and previously a subsidiary of Truist Financial Corporation (NYSE: TFC), has become a standalone company. The sale of TIH to private equity firms Stone Point Capital (Stone Point), Clayton, Dublier & Rice (CD&R), and other co-investors, will better position the company to grow in the rapidly evolving insurance brokerage market. The stand-alone company is estimated to have a market capitalization of approximately $15.5 billion.

For current clients in the midst of a 1031 exchange transaction, or an advisor of one of our exchange clients, we wanted to make sure that you were aware of this change. All 1031 exchange operations will continue with the same management and processing team that you have been working with.  We will also maintain the same level of secure internal processes, insurance and fidelity bond coverage, and of course, we are as committed as ever to providing you with best-in-class service.

We are confident that the investment by Stone Point and CD&R will translate into an even higher level of service for our 1031 exchange clients. Previously, Stone Point was a minority shareholder in TIH as well as an owner of KV and Legal 1031.  With this new partnership, TIH, KV, and Legal 1031 will have additional resources to invest in cutting-edge technology and develop new products and services, offering an even greater value to clients.

Please rest assured that Todd R. Pajonas, Esq., President, and Matthew K. Scheriff, CPA, CES, Executive Vice President, will continue to run operations along with the rest of the Legal 1031 team.

If you should have any questions about this merger, please feel free to contact Todd R. Pajonas, Esq. () or Matthew K. Scheriff, CPA, CES (). We would be happy to speak with you.

Thank you again for working with us and we look forward to continuing to serve you and your clients.