Brian Miller
Growth at reasonable price

Hilltop Holdings - It's A Bank Holding Company, Not An Insurance Company

Based in Dallas Texas, Hilltop Holdings (NYSE:HTH) used to be a large real estate investment trust (REIT). In 2007 it sold its assets (before the crash) and purchased NLASCO Group, a property and casualty insurance company for low-value dwellings and manufactured homes primarily in Texas and other areas of the south. It has two other assets, National Lloyds Insurance and American Summit Insurance, which are licensed in 18 states. National Lloyds underwrites fire and homeowner's insurance. American Summit offers homeowners and property and casualty insurance primarily to manufactured homeowners.

Insurance is not a sexy business and Hilltop has been losing money for the past couple of years. The good news is it still has plenty of cash...

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