SageSure, an independent managing general underwriter focused on providing catastrophe-exposed property insurance, announced the close of a $250 million equity investment led by Amwins and Flexpoint Ford, with participation from Ares Management Corporation.

The transaction partially recapitalizes SageSure’s long-term minority stakeholders while bringing in experienced strategic and financial investors. In connection with the transaction, Amwins and Flexpoint will each appoint a representative to the SageSure board of managers.

The equity investment also positions SageSure to continue its growth as the organization surpasses $1 billion of in-force premium.

“SageSure is excited to include Amwins and Flexpoint Ford among our sophisticated capital partners,” said Terrence McLean, CEO and co-founder of SageSure, in a company press release. “We’re grateful for their investment in our capital-efficient business model. Their support will strengthen our ability to protect more American dreams in challenging markets.”

In the past two years, SageSure has secured more than $700 million in equity and debt funding from financial institutions, including Ares Management Corporation, Citizens Financial Group, and, most recently, Wintrust Financial Corporation.

Shipman & Goodwin LLP served as legal counsel to SageSure in this transaction. Robinson, Bradshaw & Hinson, P.A. served as legal counsel to Amwins. Waller Helms Advisors served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Flexpoint.

Source: SageSure