SageSure, a leading managing general agent in catastrophe-exposed insurance markets, has announced a definitive agreement to acquire GeoVera Advantage Insurance Services, from GeoVera Insurance Holdings, a specialty property insurance provider.
The acquisition is hailed as a pivotal move to strengthen SageSure’s foothold in catastrophe risk underwriting and its expansion into new markets, particularly Oregon and Washington. While the financial details of the deal were not disclosed, the significance of the transaction lies in its ability to bring together GeoVera MGA’s deep earthquake expertise with SageSure’s robust underwriting capabilities, promising to create significant value for employees and investors of both entities.
SageSure, since its inception in 2009, has specialized in offering competitively priced insurance products for coastal residential and commercial properties. It represents more than 550,000 policyholders across 14 coastal states and manages over $1.6bn in inforce premium. GeoVera MGA, on the other hand, is a subsidiary within GeoVera, a specialist in specialty property insurance, praised for its industry-leading underwriting performance in residential earthquake risk.
The transaction not only augments SageSure’s market capabilities but also establishes a partnership with GeoVera’s insurance carriers. This collaboration is set to enhance SageSure’s insurance offerings with additional residential earthquake capacity in California, Oregon, and Washington, alongside other coverages. SageSure’s alliance with SafePort Insurance Company, alongside GeoVera’s carriers, forms a formidable, diversified carrier group with superior financial stability.
SageSure President and CEO Terrence McLean said, “We are excited to enter into an agreement that solidifies SageSure as one of the leading underwriters of catastrophe-exposed property risk in the US. This transaction is a rare opportunity to create significant value for employees and investors of both companies.
“The addition of Nesrin Basoz and the GeoVera MGA team will ensure continuity in GeoVera’s product offerings and a seamless experience for GeoVera distributors and policyholders.”
GeoVera President and CEO John Forney commented, “We are proud to partner with SageSure on this innovative transaction. Our MGA team will provide SageSure with additional underwriting expertise and product diversity, while our new carrier partnership will ensure stability and continuity for GeoVera agents and policyholders. We look forward to the exciting opportunities this partnership will bring.”
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