New surplus lines insurance carrier launched under ex-Ironshore and AIG
US-based insurance holding company ReAlign has established a new surplus lines insurance carrier that will be headed by former Ironshore and AIG specialty casualty executive Timothy McAuliffe.
Summit Specialty Insurance Company 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 authorisation 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 US.
McAuliffe, who also serves as president of ReAlign’s wholly-owned subsidiaries National Lloyds Insurance Company and American Summit Insurance Company, will lead the new company.
Grant Lippincott, president of ReAlign, said: “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.”
