ReAlign Completes Acquisition of National Lloyds and American Summit Insurance Companies
ReAlign Insurance Holdings, LLC (ReAlign) today announced the completion of its acquisition of National Lloyds Insurance Company (NLIC) and American Summit Insurance Company (ASIC) (collectively, the "Carriers") from Align NL Holdings, LLC, a subsidiary of Align Financial Holdings, LLC ("Align").
The Carriers are Texas-domiciled admitted insurance companies that write specialty personal property insurance including: homeowners, low value dwelling, mobile and manufactured homes. NLIC and ASIC hold licenses to write property and casualty insurance in 43 states and are currently rated "A" (Excellent) by AM Best. The ratings are under review with developing implications pending the completion of AM Best's discussions with ReAlign as the new owners, which are expected to conclude within a few weeks.
As part of the transaction, Align and its affiliates have entered into various agreements to provide program and claims administration services to the Carriers.
Grant Lippincott, President of ReAlign, commented: "NLIC and ASIC have a successful track record in the specialty property insurance marketplace that we look forward to building upon. The Carriers represent an excellent and strategically important first step towards executing our long-term plan to create a leading domestic program underwriting platform."
Tim McAuliffe, the incoming President of NLIC and ASIC, noted: "We are excited to welcome the high quality team of insurance professionals at NLIC and ASIC to ReAlign. We will work together to enhance the Carriers' current product offerings and to deliver new products and solutions to their retail agency customers."
About ReAlign Insurance Holdings, LLC
ReAlign Insurance Holdings, LLC is a new insurance holding company formed by ReAlign Capital Strategies, LLC and private investors to acquire and own broadly licensed admitted and non-admitted insurance companies focused exclusively on the specialty program insurance marketplace in the U.S.
About Align Financial Holdings, LLC
Headquartered in San Diego, California, Align Financial Holdings, LLC is an insurance holding company that owns and operates leading specialist program underwriting managers. The company's subsidiaries include: Align General Insurance Agency, LLC, Catalytic Risk Managers & Insurance Agency, LLC, Deposit Choice, LLC and NALICO General Agency, Inc.
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