Truist Financial ( TFC - Free Report ) aims to continue bolstering its insurance business. In sync with this, the company, through its subsidiary, Truist Insurance Holdings, has announced an all-cash deal to acquire BankDirect Capital Finance for $3.4 billion. BankDirect is an insurance premium finance subsidiary of Texas Capital Bancshares, Inc. ( TCBI - Free Report ). Following this announcement, shares of Truist Financial declined 1%, while Texas Capital gained 1%. Founded in 2005, Chicago-based BankDirect has a stable portfolio of property & casualty and life insurance products. With 122 employees, it operates in five offices across the United States. The deal marks the divestiture of the entire business unit, including the equity interests of BankDirect and the associated loan balances held by TCBI.