ReAlign Insurance Holdings Launches Surplus Lines Insurance Company

DALLAS--(BUSINESS WIRE)--ReAlign Insurance Holdings, LLC (“ReAlign”), today announced the formation of Summit Specialty Insurance Company (“Summit Specialty”), a new surplus lines insurance carrier. A wholly-owned subsidiary of ReAlign Insurance Holdings, Inc, Summit Specialty has received the necessary regulatory approvals to operate as a surplus lines insurer and expects to commence underwriting activity in late 2020. The new carrier, which is domiciled in Nebraska, is working to achieve authorization to commence underwriting activity in markets across the country in early 2021.

The launch reflects ReAlign’s strategic plan to expand its specialty insurance holdings in attractive markets across the nation. Summit Specialty Insurance will be headed by former Ironshore and AIG specialty casualty executive, Timothy McAuliffe, who also serves as President of ReAlign’s wholly-owned subsidiaries, National Lloyds Insurance Company and American Summit Insurance Company, domiciled in Dallas, Texas. ReAlign’s Nebraska launch comes on the heels of its acquisition of these specialty insurance providers this past July.

Grant Lippincott, President of ReAlign, commented: “The formation of our surplus lines business underscores our strategy to develop a leading domestic program underwriting platform. 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.”

About ReAlign Insurance Holdings, LLC

ReAlign Insurance Holdings, LLC is an insurance holding company formed by ReAlign Capital Strategies, LLC and private investors to acquire and own broadly licensed admitted and surplus lines insurance companies focused exclusively on the specialty program insurance marketplace in the U.S. Supported by a network of over 4,000 agents and licensed in 43 states, ReAlign’s portfolio currently includes specialty personal property insurance companies National Lloyds Insurance Company and American Summit Insurance Company, domiciled in Texas, as well as surplus lines insurance carrier Summit Specialty Insurance Company, domiciled in Nebraska.