Align Financial Holdings, LLC (“Align”), a leading general agency and specialist program underwriting manager based in San Diego, CA, today announced the acquisition of Deposit Choice, LLC (“Deposit Choice” or the “Company”), a national provider of surety bonds and insurance products to the multifamily industry. The acquisition of Deposit Choice and its innovative line of surety and insurance products fits well with Align’s strategy of providing an increasingly diversified portfolio of specialty property & casualty products to the insurance marketplace.
Deposit Choice provides owners and managers of multifamily housing properties an alternative to the traditional cash security deposits they receive from tenants of their rental units. The Deposit Choice program reduces a renter’s initial cash outlay when signing a new lease. The Company also has a suite of insurance products that protect multifamily housing communities from fire, water, or liability-related losses caused by their tenants. Today, Deposit Choice products cover more than 200,000 units nationwide.
“We’re delighted to be partnering with the Deposit Choice team and look forward to continuing to serve the excellent customer base they have developed over the past decade,” said Kieran Sweeney, CEO of Align. Timothy Fortner, Co-Founder of Deposit Choice, added, “Align’s underwriting-focused culture, emphasis on the effective use of technology and efficient process, and relationship-centric approach will be highly additive to Deposit Choice in its next phase of growth. We are excited to be working with our new partners at Align.”
In August 2018, Align received a strategic growth investment from Bregal Sagemount, a $2 billion growth-focused technology private equity fund in New York City.
About Align Financial Holdings, LLC
Align Financial Holdings, LLC is an insurance holding company that owns and operates leading specialist program underwriting managers including Align General Insurance Agency, LLC and Catalytic Risk Managers & Insurance Agency, LLC.
Formed in 2003 and headquartered in San Diego, California, Align General has executed a controlled growth and diversification plan that has seen it successfully launch eight diversified specialist product lines over the years. Align General has offices in San Diego, Atlanta, Kansas City and Tucson. For more information, please visit www.aligngeneral.com.
Catalytic Risk Managers, is the leading independent program underwriting manager of property catastrophe insurance products in the United States. Specializing in commercial Earthquake DIC, Wind, All Perils, and Terrorism insurance, Catalytic is also one of the fastest growing underwriters in the property cat industry. Catalytic has offices in San Diego, Boulder, Chicago, and Los Angeles. For more information, please visit www.catalyticrisk.com.
About Bregal Sagemount
Bregal Sagemount is a growth-focused private capital firm with over $2 billion of committed capital. The firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount invests $40 million to $200 million per transaction into targeted sectors including software, digital infrastructure, healthcare IT / services, business and consumer services, and financial technology / specialty finance. For more information, please visit www.sagemount.com.