SageSure, a managing general underwriter and insurance technology innovator, has secured a $375m senior credit facility from funds managed by the US Direct Lending and Alternative Credit strategies of Ares Management Corporation.
The company said proceeds of the transaction will be used to refinance its existing bank facility and to support strategic growth initiatives.
SageSure writes business on behalf of multiple leading carrier partners, including IAT Insurance Group, FedNat Insurance Company, Independent Mutual Fire, SafePort Insurance Company, and the recently launched SURE (SureChoice Underwriters Reciprocal Exchange). SageSure has previously deployed capital for SafePort and SURE and plans to invest additional capital to support both.
Since its launch in 2009, SageSure said it has been modernising property insurance through its online quoting and binding platform and its risk modeling and scoring technology. SageSure offers more than 50 competitively priced insurance products in 14 coastal states on behalf of its carrier partners and serves more than 400,000 policyholders.
Terry McLean, SageSure CEO, said, “While maintaining our strong, 13-year partnership with minority investor IAT, we are excited to add Ares, a global leader in alternative investment management, as a strategic capital provider. We believe that Ares is well positioned to support SageSure’s growth given its leadership position and deep understanding of the insurance market.”
TigerRisk Capital Markets & Advisory acted as exclusive placement agent to SageSure on the transaction. Shipman & Goodwin LLP acted as legal advisor to SageSure, and Proskauer Rose LLP acted as legal advisor to Ares.
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