SageSure Secures $125 Million Senior Credit Facility From Leading Financial Institutions
Syndicate of leading financial institutions, led by Citizens, invest in continued expansion of the country's largest residential property MGU
JERSEY CITY, N.J., Sept. 23, 2021 /PRNewswire-PRWeb/ -- SageSure, a technology-driven managing general underwriter specializing in coastal residential property markets, has secured $125 million in bank financing. The syndicated facility is led by Citizens and includes Joint Lead Arrangers ING Group, BMO Harris and East West Bank.
The funding will enable SageSure to continue growth across its existing 14 state footprint. The company, which has more than tripled written premium since 2017 to over $800 million this year and serves more than 400,000 policyholders, has established a decade-long track record of industry-leading profitability.
"SageSure has always been focused on protecting homeowners in the most challenging and catastrophe-prone insurance markets, while growing profitably and sustainably," said SageSure CEO, Terry McLean. "We are grateful to have the confidence and support of our new financing partners as we scale to serve the compelling opportunities in front of us."
SageSure writes business on behalf of multiple leading insurance carrier partners, including the recently launched SURE (SureChoice Underwriters Reciprocal Exchange). SageSure will deploy the proceeds of this financing to support the growth of these partnerships.
"We are pleased to provide an attractive financing solution that allows the SageSure team to meet their strategic objectives. Through the combination of tailored solutions and industry expertise, Citizens is able to deliver value for clients at every stage of their business life cycle," said Citizens head of financial institutions, Peter Wesemeier.
About SageSure
SageSure is a technology-driven managing general underwriter specializing in coastal residential property markets. SageSure offers more than 50 competitively priced insurance products in 14 coastal states on behalf of its carrier partners and serves more than 400,000 policyholders. Since its founding in 2005, SageSure has been modernizing property insurance through its market-leading online quoting and binding platform and its sophisticated risk modeling and scoring technology. SageSure distributes its products through a growing network of insurance producers and brokers who provide insurance buyers with expert advice on protecting their most important asset. For more information, visit SageSure.com.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $185.1 billion in assets as of June 30, 2021. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at http://www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
Media Contact
James McKinsey, Kimball Hughes Public Relations, 6105597585, [email protected]
SOURCE SageSure
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