SageSure Secures $125 Million Senior Credit Facility From Leading Financial Institutions

www.prweb.com
2 min read
difficult
Syndicate of leading financial institutions, led by Citizens, invest in continued expansion of the country's largest residential property MGU
SageSure, a technology-driven managing general underwriter specializing in coastal residential property markets, has secured $125 million in bank financing. The syndicated facility is led by Citizens and includes Joint Lead Arrangers ING Group, BMO Harris and East West Bank.

The funding will enable SageSure to continue growth across its existing 14 state footprint. The company, which has more than tripled written premium since 2017 to over $800 million this year and serves more than 400,000 policyholders, has established a decade-long track record of industry-leading profitability.

"SageSure has always been focused on protecting homeowners in the most challenging and catastrophe-prone insurance markets, while growing profitably and sustainably," said SageSure CEO, Terry McLean. "We are grateful to have the confidence and support of our new financing partners as we scale to serve the compelling opportunities in front of us."

SageSure writes business on behalf of multiple leading insurance carrier partners, including the recently launched SURE (SureChoice Underwriters Reciprocal Exchange). SageSure will deploy the proceeds of this financing to support the growth of these partnerships.

"We are pleased to provide an attractive…
Read full article