The acquisition of Deposit Choice fits well with Align Financial’s strategy of offering a diversified portfolio of speciality property and casualty products
Align Financial, a US-based general agency and specialist programme underwriting manager, has acquired Deposit Choice, a provider of surety bonds and insurance products to the multifamily industry, for an undisclosed amount.
Deposit Choice offers multifamily housing properties owners and managers an alternative to traditional cash security deposits they receive from tenants for their rental units. The firm’s programme is claimed to reduce a renter’s initial cash outlay upon signing a new lease agreement.
The company also offers a suite of insurance products that protect multifamily housing communities from fire, water, or liability-related losses caused by their tenants. Currently, the firm covers more than 200,000 units across the US.
Deposit Choice’ insurance partners include RLI Insurance and Evergreen National Indemnity
Together with insurance partners, RLI Insurance and Evergreen National Indemnity, Deep Choice offers new solutions to meet the collateral needs of rental property managers, building owners and residents in their communities.
The acquisition of Deposit Choice and its line of surety and insurance products fits well with Align Financial’s strategy of offering a diversified portfolio of speciality property and casualty products to the insurance marketplace.
Align Financial CEO Kieran Sweeney said: “We’re delighted to be partnering with the Deposit Choice team and look forward to continuing to serve the excellent customer base they have developed over the past decade.”
Deposit Choice co-founder Timothy Fortner said: “Align’s underwriting-focused culture, emphasis on the effective use of technology and efficient process, and relationship-centric approach will be highly additive to Deposit Choice in its next phase of growth. We are excited to be working with our new partners at Align.”
Align Financial is the parent company of Align General Insurance Agency and Catalytic Risk Managers & Insurance Agency.
Founded in 2003, Align General Insurance Agency has established two separate companies, Personable Insurance (Personal Auto) and Catalytic Risk Managers (Property Catastrophe) as well as three business divisions: Specialty Casualty, Commercial Auto and Worker’s Compensation.