SageSure, a Jersey City, NJ-based independent managing general underwriters company focused on providing catastrophe-exposed property insurance, raised $250M in Equity funding.
The round was led by Amwins and Flexpoint Ford with participation from Ares Management Corporation. In connection with the transaction, Amwins and Flexpoint will each appoint a representative to the SageSure Board of Managers.
The company intends to use the funds for the recapitalization of long-term minority investors and its capital-efficient growth strategy.
Led by CEO Terrence McLean, SageSure is a general underwriter specializing in coastal residential and commercial property insurance. It offers more than 50 competitively priced insurance products in 14 coastal states on behalf of its partner carriers, serves nearly 400,000 policyholders and has more than $1 billion in premiums in effect.
Since its launch in 2009, SageSure has operated in property insurance through its proprietary online quote and lien platform and its risk modeling and scoring technology. In the past two years, the company has secured more than $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.
FinSMEs
16/05/2023