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Peer Fund / Dealmaker·Insurance Brokerage

Charles Davis

Co-CEO and Founder at Stone Point Capital

Greenwich, Connecticut, USA

CD
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Why they matter

Co-CEO of Stone Point Capital and architect of two of the largest insurance-distribution deals ever (Truist Insurance Holdings, $14.75B and $15.5B), he is the definitive voice on brokerage/MGA consolidation strategy.

Background

Charles A. "Chuck" Davis is the founder, Chairman, and Co-CEO of Stone Point Capital, the Greenwich, CT-based private equity firm focused on financial services that he built after spending 23 years at Goldman Sachs (rising to head of Investment Banking Services worldwide and head of the Financial Services Industry Group) and leading Marsh & McLennan's MMC Capital from 1998-2005. He holds a B.S. from the University of Vermont and an M.B.A. from Columbia University, and sits on the boards of AXIS Capital, The Progressive Corporation, and BETA Technologies.

Notable deals

  • 2023
    Led Stone Point's acquisition of a 20% minority stake in Truist Insurance Holdings for $1.95B, valuing the brokerage at $14.75B
  • 2024
    Led Stone Point/CD&R investor group's acquisition of the remaining stake in Truist Insurance Holdings, valuing it at $15.5B
  • 2001
    As CEO/Chairman of MMC Capital, spearheaded the founding of AXIS Specialty Limited (now AXIS Capital) in Bermuda
  • 2021
    Became Chairman of the Board of BETA Technologies, an electric aviation manufacturer, backing the Vermont startup

Call-prep brief

Background

  • Founder, Chairman & Co-CEO of Stone Point Capital (~$65B AUM), the leading financial-services-focused PE firm
  • 23 years at Goldman Sachs (Head of IBS Worldwide, Head of FSI Group); led Marsh & McLennan's MMC Capital 1999-2005
  • Architect of Stone Point's "Elephant Process" — partnering with founder/owner-operators rather than pure buyouts

Current Focus

  • Drove Stone Point's two-stage acquisition of Truist Insurance Holdings (2023 minority stake, 2024 full buyout with CD&R at $15.5B) — the largest insurance brokerage transaction in years
  • Active board chair at BETA Technologies (electric aviation) since 2021, alongside insurance boards (AXIS Capital, Progressive)

What They Care About

  • Long-duration partnerships with management teams over quick flips ("Elephant Process" philosophy)
  • Financial services / insurance distribution as a structurally growing, capital-light sector
  • Regulatory and rating-agency dynamics around large brokerage roll-ups

Recent Moves

  • Closed the $15.5B TIH deal (Feb 2024) with CD&R and other co-investors, cementing Stone Point as the dominant PE owner in insurance brokerage/MGA
  • Continues backing Vermont-based ventures (BETA Technologies, Polly, Benchmark Space Systems) reflecting a personal/regional investing thread outside core financial services

Sensitivities

  • Any direct competitor pitch involving brokerage or MGA platforms should be framed carefully given Stone Point's TIH position and potential conflicts
  • He is guarded about discussing specific fund performance or LP terms publicly

Questions to Ask

  1. How is Stone Point thinking about further MGA/wholesale-broker consolidation now that TIH integration is underway?
  2. What underwriting or distribution capabilities is Stone Point prioritizing in new insurance-services platform investments?
  3. Given the TIH scale, does Stone Point still pursue smaller/founder-led "Elephant Process" deals in the brokerage space, or has check size shifted upmarket?

Outreach draft

Subject
Insurance brokerage consolidation — quick perspective?
Hi Chuck, I've been following Stone Point's work in insurance distribution closely, particularly the Truist Insurance Holdings transactions — the scale and structure of that deal stood out as a template for how brokerage consolidation could evolve. We're doing diligence on a brokerage/MGA platform in a related segment and would value 20 minutes of your perspective on where the consolidation opportunity still exists post-TIH, and what you look for in platform quality before committing capital. Happy to work around your schedule — even a short call would be useful as we shape our thesis. Best, [Placeholder Name]

Linked companies

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