Insurance holding company ReAlign has announced the formation of a new Nebraska-domiciled surplus lines carrier.
Summit Specialty Insurance Company recieved the necessary regulatory approvals to operate as a surplus lines insurer and expects to commence underwriting activity later this year.
The new carrier is also seeking authorisation to begin underwriting activity in markets across the US in early 2021.
Summit Specialty Insurance will be led by former Ironshore and AIG specialty casualty executive Timothy McAuliffe.
McAuliffe also serves as president of ReAlign subsidiaries National Lloyds Insurance Company and American Summit Insurance Company.
“The formation of our surplus lines business underscores our strategy to develop a leading domestic program underwriting platform,” said Grant Lippincott, president of ReAlign.
“We are focused on leveraging our expertise, financial resources and relationships to develop specialty insurance programs in markets where there is considerable demand for alternative capacity.
“We look forward to introducing new product lines and serving a broad range of program administrators and agents across the nation.”
