ReAlign Insurance Holdings LLC (ReAlign) has formed Summit Specialty Insurance Co. (Summit Specialty), a new surplus lines insurance carrier based in Nebraska.
A wholly owned subsidiary of ReAlign Insurance Holdings Inc. and headed by Timothy McAuliffe, Summit Specialty has received the necessary regulatory approvals to operate as a surplus lines insurer and expects to begin underwriting activity in late 2020. The new carrier 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.
McAuliffe, a former Ironshore and AIG specialty casualty executive, also serves as president of ReAlign subsidiaries, Dallas-based National Lloyds Insurance Co. and American Summit Insurance Co.
ReAlign’s Nebraska launch comes on the heels of its acquisition of these specialty insurance providers in July.
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.
Source: ReAlign Insurance Holdings LLC
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