ReAlign Insurance has completed the acquisition of National Lloyds Insurance Company (NLIC) and American Summit Insurance Company (ASIC) from Align NL Holdings.
The acquired businesses are Texas-domiciled admitted insurance companies that write specialty personal property insurance including homeowners, low-value dwelling, mobile and manufactured homes.
They hold licenses to write property and casualty insurance in 43 states in the US.
As part of the transaction, Align and its affiliates have entered into various agreements to offer programme and claims administration services to NLIC and ASIC.
ReAlign president Grant Lippincott said: “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.”
NLIC and ASIC incoming president Tim McAuliffe said: “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.”
ReAlign Insurance is formed by ReAlign Capital Strategies and private investors to purchase and own broadly licensed insurance companies focused on the specialty programme insurance marketplace.