ReAlign Insurance Holdings, a new insurance holding company formed by ReAlign Capital Strategies, has completed its acquisition of National Lloyds Insurance Company (NLIC) and American Summit Insurance Company (ASIC) from Align NL Holdings.
Both are Texas-domiciled admitted insurance firms 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.
As part of the transaction, ASIC and NLIC parent company Align and its affiliates have entered into various agreements to provide program and claims administration services to ASIC and NLIC.
“NLIC and ASIC have a successful track record in the specialty property insurance marketplace that we look forward to building upon,” said Grant Lippincott, President of ReAlign.
“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, added, “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.”