Informa Insurance News 24
ALIGN FINANCIAL TO ACQUIRE NATIONAL LLOYDS FOR $150M
US specialist programme underwriting managers group Align Financial Holdings has reached an agreement to acquire specialty property insurer National Lloyds from Texas-based financial-services group Hilltop Holdings for around $150m in cash, subject to post-closing adjustments. National Lloyds writes cover for lower-value homes and mobile homes in more than 40 states through its National Lloyds Insurance and American Summit Insurance units and around 3,900 independent agencies. It also has an agency and service business of its own in Nalico General Agency. Concurrent with the Hilltop deal, Align has entered into an agreement to sell National Lloyds Insurance and American Summit Insurance to ReAlign Insurance Holdings, a holding formed by ReAlign Capital Strategies and private investment fund MGI Insurance Holdings.