Managing general underwriter SageSure and Auros Reciprocal Insurance Exchange, a Mississippi-domiciled property insurer, have partnered to launch homeowners solutions to Louisiana and Mississippi.
Auros is the third reciprocal exchange formation supported by SageSure, following the introduction of SureChoice Underwriters Reciprocal Exchange (SURE) and Elevate in 2021 and 2022, respectively.
This new reciprocal exchange will enable SageSure to provide homeowners products for producers and policyholders throughout the Gulf and Southeast.
Terrence McLean, President and CEO of SageSure, said: “SageSure is excited to include Auros among its highly rated insurance carrier partners. Auros introduces much-needed capacity to Louisiana and Mississippi where demand for homeowners solutions is high and options are limited.
“With the launch of Auros, SageSure can continue to deliver on its promise to provide consistent, reliable products for producers while diversifying premium growth.”
Ed Konar, a seasoned insurance industry executive with more than 40 years of experience, has joined as the President of Auros Risk Management, LLC, the attorney-in-fact (AIF) that manages operations of the reciprocal exchange. Rich Swartz joins the AIF as Treasurer.
“As a member-owned insurance company, Auros is customer-centric by design,” said Ed Konar, President of Auros Risk Management. “We make every decision with our policyholders’ best interests in mind,” Konar commented.
Adding: “We believe that alignment of interest creates better outcomes for members, partners, and the markets we serve. We’re grateful to SageSure and the Mississippi Insurance Department for their partnership in bringing Auros to the market.”
In the first half of the year, Auros obtained its certificate of authorization in Mississippi. The company boasts an initial policyholder surplus of $25 million.
SageSure is now the exclusive provider of Auros’ HO3 and HO5 insurance policies in Mississippi and Louisiana, as Auros has received an Exceptional Financial Stability Rating® of A from Demotech, Inc.
