SageSure, a provider of catastrophe-exposed property insurance, has successfully closed a $250 million equity investment round.
The investment was led by Amwins, a prominent insurance broker, and Flexpoint Ford, a private equity firm, with participation from Ares Management Corporation.
This capital infusion will facilitate SageSure’s growth trajectory as it surpasses $1 billion of inforce premium. The investment also enables the organisation to enhance its underwriting capacity in a challenging market environment for catastrophe-exposed property risk.
Terrence McLean, the CEO and co-founder of SageSure, expressed enthusiasm about the new partnership, stating, “SageSure is excited to include Amwins and Flexpoint Ford among our sophisticated capital partners. 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.”
Over the past two years, SageSure has successfully raised over $700 million in equity and debt funding from reputable financial institutions such as Ares Management Corporation, Citizens Financial Group, and Wintrust Financial Corporation.
Scott Purviance, the Chief Executive Officer of Amwins, praised SageSure’s achievements, stating, “Terry and the SageSure team have built a truly exceptional business. 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.”
Dominic Hood, Managing Director of Flexpoint Ford, echoed Purviance’s sentiments, emphasizing their belief in SageSure’s superior risk selection approach and strong underwriting track record. “Our new partnership with SageSure and Amwins continues Flexpoint’s long history of partnering with growth-oriented platforms in the property and casualty insurance industry,” Hood added.
SageSure was advised by Shipman & Goodwin LLP, while Amwins received legal counsel from Robinson, Bradshaw & Hinson, P.A. Waller Helms Advisors served as the financial advisor to Flexpoint, with legal counsel provided by Kirkland & Ellis LLP.