Specialist private equity investor B.P. Marsh and Partners has agreed to subscribe for a 30% Cumulative Preferred Ordinary shareholding in SAGE Program Underwriters, for an equity consideration of $250,000.
Based in Oregon and established in 2019 by Chief Executive Officer Chuck Holdren, SAGE provides specialist insurance products to niche industries, initially in the inland delivery and field sport sectors.
Holdren has over 30 years’ experience in the insurance industry and prior to establishing SAGE founded and managed two national underwriting agencies from start-up to successful trade sale.
He has also worked in senior management roles across the insurance sector.
Prior to making the investment, B.P. Marsh said it assessed the potential impact of Covid-19 and that, given SAGE’s focus on the Inland Delivery sector, a business segment that has continued to operate during the wider virus shutdown, determined SAGE to be well positioned to trade through the pandemic.
In addition to the equity consideration, the firm will provide a loan facility to SAGE of $250,000.
This facility is available from completion and will be utilised by SAGE to bring about future growth, as outlined in the agreed business plan.
“We are pleased to be investing in SAGE, and we look forward to developing a successful partnership with Chuck and his team,” said Dan Topping, Chief Investment Officer of the Company.
“He has a fine reputation for providing solutions to particular sectors which were previously underserved in the Workers Compensation insurance market.
“The specialist nature of SAGE within the insurance sector corresponds with our investment approach in seeking partnerships with skilled management teams.”
Chuck Holdren, SAGE’s CEO, added, “We are thrilled to have B.P. Marsh as a partner in SAGE to help support our current and long-term goals. In addition to the financial investment, the team at B.P. Marsh brings a significant amount of insurance experience, expertise, and relationships.
“This allows SAGE to develop new programs, coverages and talent that we have already identified that will position us to be the leading insurance provider for the industries we serve.”