General underwriter for catastrophe-exposed markets SageSure has launched its first Expanded Markets surplus lines dwelling fire product.
The fire product from SageSure will be revealed in Louisiana, New Jersey, South Carolina, and Texas.
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This latest offering targets the increased demand for fire dwelling products in coastal states.
In addition, launched in 2023, the SageSure expanded markets programme utilises third-party products to complement the SageSure Signature product suite.
“The addition of the DP3 product to the SageSure Expanded Markets program demonstrates our commitment to identifying and meeting demand in coastal states,” said Dan Maloney, vice president of expanded markets at SageSure.
“Dwelling fire products are one of the most requested by producers in our markets. We are excited to offer this new solution to help our partners grow their book of business and meet the needs of their clients.”
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By GlobalData“SageSure is proud to deliver the products our producers want to write and the experience they deserve,” said Terrence McLean, president and CEO of SageSure. “We look forward to introducing Expanded Markets to more markets in the future.”
In April 2024, GeoVera Insurance Holdings (GeoVera) 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.
