ReAlign acquires National Lloyds Insurance and American Summit Insurance

ReAlign Insurance has wrapped up its acquisition of National Lloyds Insurance Company (NLIC) and American Summit Insurance Company (ASIC) from Align NL Holdings, a subsidiary of Align Financial Holdings.

Financial terms of the deal were not disclosed.

National Lloyds Insurance Company and American Summit Insurance Company are both Texas-domiciled admitted insurance companies that are engaged in writing specialty personal property insurance. Included in these are homeowners, low value dwelling, mobile, and manufactured homes.

Both the insurance carriers have licenses to write property and casualty insurance across 43 states in the US and are rated currently “A” (Excellent) by AM Best. The ratings are being reviewed with developing implications pending the completion of AM Best’s discussions with ReAlign as the new owners, which are likely to be completed within a few weeks.

Grant Lippincott – President of ReAlign Insurance 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.”

As part of the deal, Align and its affiliates have signed various agreements to offer program and claims administration services to the two insurance carriers.

Tim McAuliffe – the incoming President of National Lloyds Insurance Company and American Summit Insurance Company 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.”