Hilltop Holdings Inc., is a holding company that is endeavoring to make additional opportunistic acquisitions or a business combination. Currently Hilltop's only business is NLASCO, Inc., a privately held property and casualty insurance holding company. NLASCO is a Delaware corporation that specializes in providing fire and homeowners insurance to low value dwellings and manufactured homes primarily in Texas and other areas of the south, southeastern and southwestern United States. NLASCO operates through its wholly-owned subsidiaries, National Lloyds Insurance Company, or NLIC and American Summit Insurance Company, or ASIC.
Hilltop Holdings Inc., formerly known as Affordable Residential Communities Inc., was organized in July 1998 as a Maryland corporation that was primarily engaged in the acquisition, renovation, repositioning and operation of all-age manufactured home communities, the retail sale and financing of manufactured homes, the rental of manufactured homes and other related businesses, all exclusively to residents in those communities.
On January 31, 2007, Hilltop acquired NLASCO. On July 31, 2007, Hilltop sold their manufactured home communities, retail sales and financing of manufactured home businesses to American Residential Communities LLC and retained ownership of NLASCO. In conjunction with the sale, Hilltop transferred their rights to the "Affordable Residential Communities" name, changed their name to Hilltop Holdings Inc., and moved their headquarters to Dallas, Texas. Their insurance operations are headquartered in Waco, Texas.
As part of their continuing efforts to restructure, the company retired $125 M worth of preferred shared in 10Q3 for $126.03 M. The dividend payments had been weighing down earnings, and thus the preferreds were retired soon after they became callable.