FinTech: Coastal Property Insurer SageSure Nabs $250M Equity Funding

May 17, 2023 | FinTech, News

Amwins and Flexpoint, the investors, will each appoint a representative to the SageSure Board of Managers.

SageSure, a general underwriter specializing in catastrophe-exposed property insurance, has secured $250 million in equity financing from Amwins and Flexpoint Ford. The funding will support SageSure’s capital-efficient growth strategy. The investment round, which also involved Ares Management Corporation, brings in experienced strategic and financial investors while partially recapitalizing the company’s stakeholders.

The equity investment positions SageSure for continued growth as it surpasses $1 billion of inforce premium. The company’s strategy focuses on deploying capital efficiently throughout its ecosystem to create additional underwriting capacity, particularly in challenging environments for catastrophe-exposed property risk.

SageSure has been successful in securing substantial funding in recent years, totaling over $700 million from reputable financial institutions such as Ares Management Corporation, Citizens Financial Group, and Wintrust Financial Corporation. The partnership with Amwins and Flexpoint Ford further strengthens the company’s capital base and enhances its ability to expand its distribution base and technological capabilities.

The transaction highlights the exceptional business that SageSure has built under the leadership of CEO and co-founder Terrence McLean. Scott Purviance, CEO of Amwins, noted the company’s approach to risk selection, strong underwriting results, and industry-leading technology platform. Dominic Hood, Managing Director of Flexpoint, also expressed enthusiasm for partnering with SageSure and Amwins, continuing Flexpoint’s history of collaborating with growth-oriented platforms in the property and casualty insurance industry.

With over $1 billion in inforce premium, SageSure offers a wide range of competitively priced insurance products in 14 coastal states through its proprietary online platform and advanced risk modeling technology.

Related Story:  Digital Health Insurer Angle Nabs $58M Series A

Image by Michelle Raponi from Pixabay

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