SageSure, a leading independent managing general underwriter specialising in providing catastrophe-exposed property insurance, has closed a $250m equity financing round.
This investment was led by Amwins and Flexpoint Ford, with participation from Ares Management Corporation.
The funding will be used to partially recapitalise SageSure’s long-term minority stakeholders while introducing experienced strategic and financial investors. As part of the transaction, both Amwins and Flexpoint will appoint representatives to the SageSure Board of Managers.
SageSure offers more than 50 competitively priced insurance products in 14 coastal states on behalf of its carrier partners.
Since its inception in 2009, SageSure has been at the forefront of property insurance innovation through its proprietary online quoting and binding platform and its sophisticated risk modelling and scoring technology.
The new funding will bolster SageSure’s growth as it surpasses $1bn of inforce premium. It plans to deploy the capital efficiently throughout its ecosystem, supporting its carrier partners and producers by creating additional underwriting capacity in an otherwise challenging environment for catastrophe-exposed property risk.
Terrence McLean, SageSure CEO and co-founder, said, “We’re grateful for their investment in our capital-efficient business model. Their support will strengthen our ability to protect more American Dreams in challenging markets.”
Over the past two years, SageSure has secured more than $700m in equity and debt funding from top financial institutions, including Ares Management Corporation, Citizens Financial Group, and most recently, Wintrust Financial Corporation.
Scott Purviance Amwins CEO, added, “We are excited to partner with them and support their efforts in building capacity, expanding their distribution base, and continuing to enhance their industry-leading technology platform.”
Dominic Hood, managing director of Flexpoint, also shared his enthusiasm for the partnership, “Our new partnership with SageSure and Amwins continues Flexpoint’s long history of partnering with growth-orientated platforms in the property and casualty insurance industry.”
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