SageSure, the specialist catastrophe-exposed property managing general underwriter (MGU), has invested in the insurance-linked securities (ILS) fund manager Pillar Capital Management (Pillar) to expand its capabilities across the property catastrophe value chain.
Pillar currently manages institutional assets of over USD 4 billion, and will continue to operate as an independent franchise.
It will retain its current Bermuda-based team and investment strategy, propelled by SageSure’s risk-level insights, analytics, and technology.
The investment aims to add to Pillar’s reinsurance risk underwriting capabilities and institutional investor relationships to the SageSure platform, strengthening its ability to connect underwriting expertise with a broader range of capital sources.
Stephen Velotti, longtime Chief Executive Officer (CEO) and Chief Information Officer (CIO) and Tara Railton, Chief Operating Officer, will continue to lead Pillar.
Additionally, Pillar’s management team will continue to hold a substantial ownership stake in the business.
Finally, SageSure confirmed that its existing debt facility with long-standing capital partner Ares Management was expanded to support the investment.
Terrence McLean, President and CEO, SageSure, commented, “For nearly two decades, Pillar has built a world-class platform and deep relationships with global institutional investors through a relentless focus on strong technical underwriting and prudent risk management, two principles which are core to our ethos at SageSure. For those reasons, I believe the two organizations could not be a better fit as partners.”
Velotti added, “We are excited to embark on this next chapter with SageSure. While our core strategy, our team, and the way we serve our investor partners will remain unchanged, partnership with SageSure will further enhance our ability to access, evaluate, and manage catastrophe risk and allow us to continue delivering industry-leading results.”
For the transaction, Howden Capital Markets & Advisory served as exclusive financial advisor to SageSure, while Evercore served as exclusive financial advisor to Pillar. Willkie Farr & Gallagher LLP and Appleby provided legal counsel to SageSure.
In related news, SageSure closed its second reinsurance sidecar transaction with Seawall Re II Ltd., securing USD 200 million in capital, in March 2026.
