SageSure – which is one of the largest independent managing general underwriters focused on providing catastrophe-exposed property insurance – announced the closing of a $250 million equity investment led by Amwins and Flexpoint Ford with participation from Ares Management Corporation.
The funding partially recapitalizes SageSure’s long-term minority stakeholders while bringing in experienced strategic and financial investors. And in connection with the transaction, Amwins and Flexpoint will each appoint a representative to the SageSure Board of Managers.
Plus the equity investment also positions SageSure to continue its growth as the organization surpasses $1 billion of in-force premium. And by deploying capital efficiently throughout its ecosystem, SageSure’s strategy supports its carrier partners and producers by creating additional underwriting capacity in an otherwise challenging environment for catastrophe-exposed property risk.
In the past 2 years, SageSure has secured over $700 million in equity and debt funding to support its trajectory of responsible growth from top financial institutions, including Ares Management Corporation, Citizens Financial Group, and, most recently, Wintrust Financial Corporation.
KEY QUOTES:
“SageSure is excited to include Amwins and Flexpoint Ford among our sophisticated capital partners. 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.”
— Terrence McLean, CEO and co-founder of SageSure
“Terry and the SageSure team have built a truly exceptional business. 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.”
— Scott Purviance, Chief Executive Officer of Amwins
“We are excited to partner with Terry and his talented team as they continue to build a capital efficient company with a superior approach to risk selection and a track record of strong underwriting results for their insurance and (re) insurance partners. 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.”
— Dominic Hood, Managing Director of Flexpoint
