SageSure and Goosehead Partner to Launch Elevate, a New Insurance Carrier for Preferred Coastal Property Risks
New reciprocal signals the expansion of the property insurance leaders' long-standing partnership
JERSEY CITY, N.J., Nov. 8, 2022 /PRNewswire-PRWeb/ -- SageSure, a leading provider of catastrophe-exposed property insurance, and Goosehead, a rapidly growing independent personal lines insurance agency, today announced the launch of the new reciprocal exchange Elevate to protect homeowners in coastal states. Elevate is domiciled in Texas.
Exclusively available for distribution by Goosehead producers enrolled with SageSure, Elevate homeowners' insurance is developed, underwritten, and serviced by SageSure and is now available in Texas where market capacity continues to tighten. Elevate's expansion into additional coastal states is imminent.
"In launching the reciprocal Elevate, we've created a custom admitted solution for capacity challenges in markets that SageSure is uniquely positioned to navigate," said Terry McLean, co-founder and CEO of SageSure. "Goosehead is a valued, top distribution partner, and we are fortunate to have their commitment to continue growing the relationship. We are excited to offer the exclusive capacity to support their impressive growth."
SageSure is one of the first companies to build a reciprocal exchange for a retail agency distribution partner. Goosehead has been a top distribution partner for SageSure since 2017, operating in 12 of SageSure's 14 states.
"The SageSure team shares our entrepreneurial drive to proactively address the needs of our customers, agents, and markets," said Mark Miller, Goosehead's president and COO. "Our collaboration further scales our ability to deliver world-class products and exceptional customer service to more homeowners, especially in coastal areas. We're excited for our customers to experience the Elevate difference."
Structured as a reciprocal exchange, Elevate is owned by its policyholders and operated by an experienced insurance management team. The structure ensures customer-carrier alignment of interests.
"Elevate is designed to put customers first," said Ed Konar, president of Elevate. "Our policyholders benefit from SageSure's underwriting expertise; Goosehead's unparalleled distribution, sales, and expert advice; and Elevate's best-in-class customer experiences at every touchpoint in the insurance journey. We look forward to being a long-term partner in protecting our members and their homes."
Elevate has obtained a Financial Stability Rating® of A, Exceptional, by Demotech, Inc., which indicates strong capitalization, loss reserve adequacy, and a robust reinsurance program. Elevate currently offers homeowners in Texas, including SageSure's recently launched optional private flood coverage. Learn more at elevatein.com.
About SageSure
SageSure is an insurance-first, tech-forward managing general agent specializing in catastrophe-exposed property markets. SageSure offers more than 50 competitively priced insurance products in 14 coastal states on behalf of its carrier partners, serves more than 400,000 policyholders, and has more than $900 million of in force premium. Since its launch in 2009, SageSure has been pioneering property insurance through its market-leading online quoting and binding platform and its sophisticated risk modeling and scoring technology. To learn more, visit sagesure.com.
About Elevate
Elevate is the Goosehead-exclusive insurance carrier owned by policyholders. Founded in 2022, Elevate believes better insurance starts with putting customers first. Elevate is a reciprocal exchange managed by a team of insurance leaders who are passionate about building reliable products and delivering best-in-class service. Rated A, Exceptional, by Demotech, Inc., Elevate is currently available only in Texas. To learn more, visit elevatein.com.
About Goosehead
Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines
insurance agency that distributes its products and services throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 150 insurance companies that underwrite personal lines and small commercial lines risks, and its operations include a network of 12 corporate sales offices and 2,287 operating and contracted franchise locations. For more information, please visit gooseheadinsurance.com.
Forward-Looking Statements
This press release may contain various "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which represent SageSure's and Goosehead's expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead's strategies or expectations. In some cases, you can identify these statements by forward-looking words such as "may", "might", "will", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "projects", "potential", "outlook" or "continue", or the negative of these terms or other comparable terminology. Forward-looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, SageSure's ability to obtain licensing for Elevate in additional coastal states and to maintain Elevate's Financial Stability Rating® of A, Exceptional, by Demotech, Inc., conditions impacting insurance carriers or other parties with which SageSure and/or Goosehead does business, the economic effects of the COVID-19 pandemic, the loss of one or more key executives, including a member of Elevate's management team, or an inability to attract and retain qualified personnel and, in the case of Goosehead, the failure to attract and retain highly qualified franchisees. These risks and uncertainties relative to Goosehead also include, but are not limited to, those described under the captions "1A. Risk Factors" in Goosehead's Annual Report on Form 10-K for the year ended December 31, 2021, and in Goosehead's other filings with the SEC, which are available free of charge on the Securities Exchange Commissions website at: http://www.sec.gov.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to SageSure and/or Goosehead or to persons acting on behalf of them are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and SageSure and Goosehead do not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.
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Media Contact
James McKinsey, Kimball Hughes Public Relations, 6105597585, [email protected]
SOURCE SageSure
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