ReAlign surplus lines carrier Summit Specialty raises $7.5m to fuel growth

ReAlign Insurance Holdings'  surplus lines insurance carrier Summit Specialty has raised $7.5 million capital to fuel its growth plans in the US.

Stonybrook served as the financial advisor to Summit Specialty for the $7.5 million capital raise through a surplus note with Federated Life Insurance Company.

The surplus note will enable ReAlign and its insurance companies, including Summit Specialty, to further expand into profitable specialty P&C programmes.

Summit Specialty was established in late 2020 under the leadership of former Ironshore and AIG specialty casualty executive Timothy McAuliffe to operate as a surplus lines insurer in markets across the US.

Stonybrook's senior vice president Will Generous said the funds will provide ReAlign with long-term capital for future growth.

McAuliffe, president of Summit Specialty Insurance Company, stated: “We were happy to work with Stonybrook on this effort and to partner with Federated to gain additional capital and surplus in support of our growth plan.”