SageSure, a tech-driven managing general underwriter focused on costal residential property markets, raised $125 million in bank financing meant to enable its continued growth plans.
“SageSure has always been focused on protecting homeowners in the most challenging and catastrophe-prone insurance markets, while growing profitably and sustainably,” SageSure CEO, Terry McLean said in prepared remarks. “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.”
Citizens led the senior credit facility financing, which also includes Joint Lead Arrangers ING Group, BMO Harris and East West Bank.
SageSure is based in New Jersey.
Plans call for using the money to continue SageSure’s growth plans across the 14 states where it currently does business. The company claims it has handled more than $800 million in premium this year, more than triple the amount it did in 2017. The company said it now serves more than 400,000 policyholders and has been profitable for a decade.
SageSure writes business fore multiple insurance carrier partners, including the recently launched SURE (SureChoice Underwriters Reciprocal Exchange). SageSure said its financing will help support the growth of these partnerships.