Cat specialist SageSure has finalised the acquisition of GeoVera Advantage Insurance Services for an undisclosed sum.
The acquired entity will serve as a managing general agent (MGA), incorporating residential earthquake risk underwriting franchise.
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This deal was first reported in April 2024.
It will see SageSure investing in GeoVera Nova Holdings, which has taken over GeoVera Insurance Holdings’ carrier businesses.
GeoVera Nova manages four insurance operating subsidiaries – GeoVera Insurance Company, GeoVera Specialty Insurance Company, Coastal Select Insurance Company, and SafePort Insurance Company.
GeoVera Nova CEO president John Forney added: “We are proud to partner with SageSure, who shares our commitment to delivering differentiated products, capabilities, and experiences to producers and policyholders.”
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By GlobalDataSageSure CEO and president Terrence McLean said: “Together, we will continue to focus on profitable, complementary catastrophe risk underwriting activities, drive growth, and deliver incredible value for policyholders, our partners, and our people.”
GeoVera Advantage has also entered a programme administrator and claims services agreement, with the business tasked with producing all residential earthquake and other MGA business for the carriers owned by GeoVera Nova.
As part of the deal, 114 workers from the residential earthquake risk underwriting franchise have moved to SageSure.
These employees will maintain continuity for GeoVera Nova carriers, producers, as well as policyholders.
The acquisition merges the catastrophe risk underwriting expertise of both companies, which will now operate under the SageSure brand.
SageSure secured financial advice from Howden Capital Markets & Advisory for the deal, while Willkie Farr & Gallagher provided legal counsel.
