US-based managing general agent (MGA) SageSure has received senior credit facility of $375m, part of which will be used to fuel its growth initiatives.
The credit facility was provided by funds managed by the US Direct Lending and Alternative Credit strategies of Ares Management.
Go deeper with GlobalData
In addition to enabling growth, SageSure will use the proceeds to refinance its existing bank facility.
The MGA writes policies for multiple carrier partners including FedNat Insurance Company, Independent Mutual Fire, IAT Insurance Group, SafePort Insurance Company, and SureChoice Underwriters Reciprocal Exchange (SURE), which was launched recently.
Earlier, SageSure infused capital in SafePort and SURE and plans to offer additional capital to support them.
SageSure CEO Terry McLean said: “SageSure continues to see tremendous opportunity to grow profitably in our core catastrophe-prone insurance markets.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“While maintaining our strong, 13-year partnership with minority investor IAT, we are excited to add Ares, a global leader in alternative investment management, as a strategic capital provider. We believe that Ares is well positioned to support SageSure’s growth given its leadership position and deep understanding of the insurance market.”
Launched in 2009, SageSure currently operates in 14 states across the US and caters to over 400,000 policyholders.
It offers property insurance cover through its online quoting and binding platform and its risk modelling and scoring technology.
Ares Credit Group partner Scott Rosen said: “We have been following the SageSure story for some time and are excited to support their future growth through this financing solution. We greatly look forward to a long and fruitful relationship with the company.”
