National Lloyds is a speciality property and casualty underwriter, insurer primarily serving owners of lower-value homes and mobile homes in Dallas
Hilltop closes sale of National Lloyds to Align Financial. (Credit: Capri23auto from Pixabay.)
US-based financial holding firm Hilltop Holdings has completed the sale of its wholly-owned subsidiary National Lloyds Corporation to Align Financial Holdings for approximately $154.1m, subject to post-closing adjustments.
Announced in January 2020, the transaction was closed after receiving required regulatory approvals and the satisfaction of other customary closing conditions, said the company.
Hilltop Holdings president and CEO Jeremy Ford said: “We are so proud of what National Lloyds has accomplished during the past 13 years as a part of the Hilltop family.
“We will certainly miss working with the exceptional team that has helped National Lloyds continue to deliver strong financial results as it has throughout the company’s impressive 70-year history, but we are excited for them to embark on this new journey with Align.”
National Lloyds is a speciality property and casualty underwriter operating in Dallas
National Lloyds is a speciality property and casualty underwriter, insurer primarily serving owners of lower-value homes and mobile homes in Dallas.
The company is engaged in writing premiums through two subsidiaries, National Lloyds Insurance and American Summit Insurance, and also has wholly-owned agency and services businesses, including Nalico General Agency.
In relation with the current transaction, Align has sold the carriers to ReAlign Insurance in an all-cash transaction, under which the agencies retained by Align have signed various agreements with the carriers to provide services, including program underwriting and claims administration.
For the transaction, Piper Sandler & Co served as exclusive financial advisor and Wachtell, Lipton, Rosen & Katz served as legal counsel to Hilltop Holdings, while Durham Jones & Pinegar, served as legal counsel to Align Financial Holdings.
Established in 2003, in San Diego, California, Align Financial is an insurance holding company that owns and operates specialist programme underwriting managers. The company’s subsidiaries include Align General Insurance Agency, Catalytic Risk Managers & Insurance Agency, and Deposit Choice.
Align CEO Kieran Sweeney said: “This strategic transaction will serve to further diversify and scale Align’s business; putting us on track to write close to $500 million of speciality premiums this year.
“National Lloyds is a leading underwriter of speciality personal property insurance and we are delighted to welcome their high-quality team to Align. We look forward to working together to deliver new and enhanced product solutions to their valued customers.”