ATLANTA—Truliant FCU has acquired P1 Finance Holdings, a premium finance company, from Peach State Credit Union in Georgia.
P1 Finance will become a division of Truliant.
The premium finance industry coordinates lending to commercial businesses, and in some cases individuals, to cover the cost of insurance premiums, through a network of insurance agents and insurance brokers.
Premium finance is typically used in the purchase of Excess and Surplus policies when the annual premium is due in-full at purchase, the organizations said.
“As loan demand increased from our treasured network of agency, intermediary and carrier partners, we were simply hitting the prior institution's capacity limits," Bill Villari, president of P1 Finance, said in a statement. "Partnering with the larger Truliant ensures we meet rapidly growing loan demand, especially related to our large insured-borrower clients."
‘Client-Centric Commitment’
Added Truliant President and CEO Todd Hall, "We're excited to welcome Bill and P1 Finance to the Truliant family. Their client-centric commitment to service excellence, track record of consistent and sustained loan growth, and their three and a half decades of experience make it a great fit for the straightforward, service-oriented financial solutions we provide."
P1 Finance is authorized or approved to do business in all 50 states.
‘Actively Grown the Business’
"We've actively grown the business at a 50% CAGR over the past five years, and new loan production is tracking over half a billion annually," Villari said in the statement. "Our team is excited to be part of Truliant, given its scale, interest in building out a more robust team, capacity for loan growth, and their growing retail agent network."
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