Align and its affiliates have signed several agreements to provide programme and claims administration services to the carriers as part of the transaction
ReAlign closes acquisition of carriers from Align NL (Credit: Adam Radosavljevic from Pixabay)
ReAlign Insurance has completed the acquisition of National Lloyds Insurance (NLIC) and American Summit Insurance (ASIC), from Align NL.
The transaction follows the recent closing of Hilltop Holdings’ sale of its wholly-owned subsidiary National Lloyds Corporation to Align Financial Holdings for approximately $154.1m.
NLIC and ASIC, collectively called carriers, are subsidiaries of National Lloyds Corporation, which was recently acquired by Align Financial.
ReAlign president Grant Lippincott said: “NLIC and ASIC have a successful track record in the speciality property insurance marketplace that we look forward to building upon.
“The Carriers represent an excellent and strategically important first step towards executing our long-term plan to create a leading domestic program underwriting platform.”
NLIC and ASIC are engaged in writing speciality personal property insurance
As part of the transaction, Align and its affiliates have signed several agreements to provide programme and claims administration services to the carriers.
National Lloyds is a speciality property and casualty underwriter, insurer primarily serving owners of lower-value homes and mobile homes in Dallas,
The carriers are insurance companies engaged in writing specialty personal property insurance including homeowners, low value dwelling, mobile and manufactured homes.
NLIC and ASIC incoming president Tim McAuliffe said: “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.”