Hilltop in Texas to sell specialty insurance unit for $150 million
Hilltop Holdings in Dallas has agreed to sell an insurance unit to Align Financial Holdings in San Diego.
The $15 billion-asset Hilltop said in a press release Friday that it will sell National Lloyds for $150 million in cash. The sale is expected to close in the second quarter
National Lloyds is a specialty property insurer that primarily serves owners of lower value homes and mobile homes. The company writes premiums through its National Lloyds Insurance and American Summit Insurance units.
National Lloyds has a distribution network of about 3,900 independent agencies and active licenses in more than 40 states.
“We believe the sale … allows Hilltop to better focus our resources on growing our core operating companies of PlainsCapital Bank, PrimeLending and HilltopSecurities,” Jeremy Ford, Hilltop’s president and CEO, said in the release.
“This transaction creates an exciting opportunity for the management and employees of National Lloyds to work with Align’s experienced leadership team,” Ford added.
Piper Sandler and Wachtell, Lipton, Rosen & Katz advised Hilltop. Durham Jones & Pinegar advised Align.