GeoVera Insurance Holdings (GeoVera) has reached a definitive agreement to combine its insurance carriers into a new entity and sell its managing general agent (MGA) business.  

The deal will see the formation of GeoVera Nova Holdings (GeoVera Nova), which will gain control of four insurance operating subsidiaries. 

These are GeoVera Insurance, GeoVera Specialty Insurance, Coastal Select Insurance, and SafePort Insurance, a unit of SageSure.  

SageSure, an independent MGA specialising in catastrophe-exposed markets, will acquire GeoVera’s MGA unit, GeoVera Advantage Insurance Services. 

This move is expected to bolster SageSure’s underwriting capabilities in earthquake risk and fast-track its expansion into new markets. 

SageSure and GeoVera Nova will also form a partnership, which will see the latter’s insurance carriers provide residential earthquake insurance capacity to SageSure in California, Oregon and Washington, US.  

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Additionally, GeoVera Nova will offer excess and surplus (E&S) homeowners, commercial habitational and residential wind insurance capacity to SageSure in Florida. 

Current GeoVera investors including Flexpoint Ford, New Capital Partners and AXA XL will depart as shareholders following the transaction.  

GeoVera’s leadership, including CEO John Forney and CFO Brian Sheekey, will retain their positions at the helm of GeoVera Nova. 

The MGA team from GeoVera, including chief underwriting officer Nesrin Basoz, will move to SageSure as part of the agreement.  

GeoVera president and CEO John Forney said: “We are proud to partner with SageSure on this innovative transaction. Our MGA team will provide SageSure with additional underwriting expertise and product diversity, while our new carrier partnership will ensure stability and continuity for GeoVera agents and policyholders.” 

SageSure president and CEO Terrence McLean said: “We are excited to enter into an agreement that solidifies SageSure as one of the leading underwriters of catastrophe-exposed property risk in the US.  

“This transaction is a rare opportunity to create significant value for employees and investors of both companies.”  

The deal is anticipated to be finalised in the fourth quarter of 2024, pending regulatory approvals and other closing conditions.