Truist agrees to buy title insurance company

Truist Financial in Charlotte, N.C., has agreed to buy Kensington Vanguard National Land Services, a title insurance company in New York.

The $517 billion-asset Truist said in a press release that it will integrate its existing unit, BridgeTrust Title, into the Kensington Vanguard platform. Truist did not disclose the price it will pay. 

The acquisition is expected to close by late March. 

"Kensington Vanguard has grown considerably over the past 15 years through a successful strategy built around geographic expansion, talent recruitment, and acquisitions," John Howard, chairman and CEO of Truist Insurance Holdings, said in the release. "Its industry-leading expertise in both the commercial and residential title sectors will enable us to offer title and real estate services across the full market spectrum.”