JERSEY CITY, N.J.–SageSure, one of the largest managing general underwriters focused on catastrophe-exposed markets, today announced it has closed the acquisition of GeoVera Advantage Insurance Services, LLC. (“GeoVera Advantage”), the entity that will now function as a newly formed MGA and includes the leading residential earthquake risk underwriting franchise. The transaction was originally announced on April 9, 2024.
As part of the transaction, SageSure has invested in GeoVera Nova Holdings, Inc. (“GeoVera Nova”), which has acquired GeoVera Insurance Holdings, Ltd.’s insurance carrier businesses. GeoVera Nova now oversees the highly diversified insurance operating subsidiaries GeoVera Insurance Company, GeoVera Specialty Insurance Company, and Coastal Select Insurance Company—each rated “A” (Excellent) by AM Best—as well as the newly acquired SafePort Insurance Company (“SafePort”).
The deal establishes SageSure’s partnerships with GeoVera Nova insurance subsidiaries through GeoVera Advantage, which signed a Program Administrator and Claims Services Agreement and will produce all residential earthquake and other MGA business for GeoVera Nova-owned carriers. As of the transaction’s close, 114 former employees from the leading residential earthquake risk underwriting franchise have joined SageSure and will provide continuity to GeoVera Nova carriers, producers, and policyholders.
“We are very excited to welcome this talented team to SageSure,” said Terrence McLean, President and CEO of SageSure. “Together, we will continue to focus on profitable, complementary catastrophe risk underwriting activities, drive growth, and deliver incredible value for policyholders, our partners, and our people.”
The transaction combines the deep catastrophe risk underwriting expertise of the two businesses, which will operate under the SageSure brand. With the addition of the GeoVera Nova insurance subsidiary partnerships, SageSure is positioned to ensure seamless service for distributors, customers, and partners. Continuity and strong communication are the guiding principles of the integration.
John Forney, President and CEO of GeoVera Nova, added: “We are proud to partner with SageSure, who shares our commitment to delivering differentiated products, capabilities, and experiences to producers and policyholders. We look forward to a long and mutually beneficial partnership.”
Howden Capital Markets & Advisory acted as the financial advisor to SageSure on the transaction, and Willkie Farr & Gallagher LLP served as SageSure’s legal advisor.
Source: SageSure
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