SageSure, a provider of catastrophe-exposed property insurance, has raised $50m to fuel its growth.
The revolving credit facility was secures in partnership with Wintrust Financial Corporation.
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).
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.
The funding will enable SageSure to increase underwriting capacity in the catastrophe-exposed markets it currently serves.
According to SageSure, the capital will also support quota share capacity with Anchor Re, a captive reinsurance vehicle, on behalf of SageSure carrier partners.
Supporting its carrier partners’ reinsurance placements has been a key part of the company’s strategy in navigating the hardest property catastrophe reinsurance market in the last 30 years. Leveraging Anchor Re is a vital pillar of that support.
Terrence McLean, CEO of SageSure, said, “Despite challenging market conditions, SageSure has maintained a track record of responsible growth that benefits our producers, carrier partners, and policyholders. We are excited to include Wintrust among our outstanding capital partners that support SageSure’s mission to be a long-term provider of underwriting capacity in underserved markets.”
Lena Dawson, president of Wintrust Insurance Banking, a division of Lake Forest Bank & Trust Company, N.A., a Wintrust Community Bank, added, “Wintrust is proud to provide a thoughtful financing solution that supports SageSure’s future growth and continued innovation. We look forward to being a strategic partner to SageSure for years to come.”
Last year, SageSure secured a $375m senior credit facility from funds managed by the US Direct Lending and Alternative Credit strategies of Ares Management Corporation.
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