Growth capital will support captive reinsurance vehicle and increase underwriting capacity
SageSure, a leading provider of catastrophe-exposed property insurance, announced the close of a $50 million expanded revolving credit facility with its new commercial banking partner Wintrust Financial Corporation. The funding will enable SageSure to increase underwriting capacity in the catastrophe-exposed markets it currently serves.
“Despite challenging market conditions, SageSure has maintained a track record of responsible growth that benefits our producers, carrier partners, and policyholders”
“Despite challenging market conditions, SageSure has maintained a track record of responsible growth that benefits our producers, carrier partners, and policyholders,” said Terrence McLean, CEO of SageSure. “We are excited to include Wintrust among our outstanding capital partners that support SageSure’s mission to be a long-term provider of underwriting capacity in underserved markets.”
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The facility will support quota share capacity with Anchor Re, a captive reinsurance vehicle, on behalf of SageSure carrier partners. Supporting its carrier partners’ reinsurance placements has been a key part of SageSure’s strategy in navigating the hardest property catastrophe reinsurance market in the last 30 years. Leveraging Anchor Re is a vital pillar of that support.
“Wintrust is proud to provide a thoughtful financing solution that supports SageSure’s future growth and continued innovation,” said Lena Dawson, President of Wintrust Insurance Banking, a division of Lake Forest Bank & Trust Company, N.A., a Wintrust Community Bank. “We look forward to being a strategic partner to SageSure for years to come.”
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About SageSure
SageSure is the managing general underwriter specializing in coastal residential and commercial property insurance. SageSure offers more than 50 competitively priced insurance products in 14 coastal states on behalf of its carrier partners, serves nearly 400,000 policyholders, and has more than $1 billion of inforce premium. Since its launch in 2009, SageSure has been pioneering property insurance through its market-leading online quoting and binding platform and its sophisticated risk modeling and scoring technology.
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