SageSure, a technology-driven managing general underwriter specializing in coastal residential property markets, secured $125 million in bank financing. The syndicated facility is led by Citizens is leading the syndicated facility with ING Group, BMO Harris and East West Bank serving as joint lead arrangers.
SageSure has more than tripled written premium since 2017 to more than $800 million this year and serves more than 400,000 policyholders.
“SageSure has always been focused on protecting homeowners in the most challenging and catastrophe-prone insurance markets while growing profitably and sustainably,” Terry McLean, CEO of SageSure, said. “We are grateful to have the confidence and support of our new financing partners as we scale to serve the compelling opportunities in front of us.”
SageSure writes business on behalf of multiple insurance carrier partners, including the recently launched SURE (SureChoice Underwriters Reciprocal Exchange). SageSure will deploy the proceeds of this financing to support the growth of these partnerships.
“We are pleased to provide an attractive financing solution that allows the SageSure team to meet their strategic objectives. Through the combination of tailored solutions and industry expertise, Citizens is able to deliver value for clients at every stage of their business life cycle,” Peter Wesemeier, head of financial institutions at Citizens, said.
