SageSure, an independent managing general underwriter focused on providing catastrophe-exposed property insurance, closed a $250 million equity investment led by Amwins and Flexpoint Ford, with participation from Ares Management.
The transaction partially recapitalizes SageSure’s long-term minority stakeholders while bringing in strategic and financial investors. In connection with the transaction, Amwins and Flexpoint will each appoint a representative to the SageSure board of managers. The equity investment also positions SageSure to continue its growth as the organization surpasses $1 billion of inforce premium.
“SageSure is excited to include Amwins and Flexpoint Ford among our sophisticated capital partners,” Terrence McLean, CEO and co-founder of SageSure, 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.”
In the past two years, SageSure has secured more than $700 million in equity and debt funding to support its trajectory of growth from financial institutions such as Ares Management, Citizens Financial Group and, most recently, Wintrust Financial.
“Terry and the SageSure team have built a truly exceptional business,” Scott Purviance, CEO of Amwins, said. “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.”
“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,” Dominic Hood, managing director of Flexpoint, said. “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.”
Shipman & Goodwin served as legal counsel to SageSure. Robinson, Bradshaw & Hinson served as legal counsel to Amwins. Waller Helms Advisors served as financial advisor and Kirkland & Ellis served as legal counsel to Flexpoint.
