Summit Specialty has closed on a $7.5m surplus note with Federated Life Insurance Company.
The former is a wholly owned subsidiary of ReAlign Insurance Holdings, LLC. The group is rated “A” (size category VIII) by A.M. Best and is a vertically aligned, specialty program platform in the commercial and personal insurance markets.
Tim McAuliffe, president of Summit Specialty, said: “We were happy to work with Stonybrook on this effort and to partner with Federated to gain additional capital and surplus in support of our growth plan.”
Stonybrook, who advised on the negotiation, said that its roles in the transaction included the creation of marketing materials, a targeted marketing effort, the management of due diligence, and the negotiation of terms and execution. The surplus note was announced on Thursday.
Will Generous, senior vice president at Stonybrook, said: “We are pleased to have had the opportunity of working with ReAlign and identifying a quality capital partner for its surplus note. This capital raise will provide our client with desirable long-term capital for future growth.”
