SageSure, a general underwriter and insurance technology company, secured a $375 million senior credit facility from funds managed by the U.S. direct lending and alternative credit strategies of Ares Management. SageSure will use proceeds of the transaction to refinance its existing bank facility and to support growth initiatives.
“SageSure continues to see tremendous opportunity to grow profitably in our core catastrophe-prone insurance markets,” Terry McLean, CEO of SageSure, said. “While maintaining our strong, 13-year partnership with minority investor IAT, we are excited to add Ares, a global leader in alternative investment management, as a strategic capital provider. We believe that Ares is well positioned to support SageSure’s growth given its leadership position and deep understanding of the insurance market.”
SageSure writes business on behalf of multiple carrier partners, including IAT Insurance Group, FedNat Insurance Company, Independent Mutual Fire, SafePort Insurance Company and the recently launched SURE (SureChoice Underwriters Reciprocal Exchange). SageSure has previously deployed capital for SafePort and SURE and plans to invest additional capital to support both.
“We have been following the SageSure story for some time and are excited to support their future growth through this financing solution,” Scott Rosen, a partner in Ares’ credit group, said. “We greatly look forward to a long and fruitful relationship with the company.”
TigerRisk Capital Markets & Advisory acted as exclusive placement agent to SageSure on the transaction. Shipman & Goodwin acted as legal advisor to SageSure, and Proskauer Rose acted as legal advisor to Ares.
