SageSure Secures New $375 Million Senior Credit Facility
Significant transaction for the country's largest residential property MGU will support strategic growth initiatives
JERSEY CITY, N.J., Feb. 9, 2022 /PRNewswire-PRWeb/ -- SageSure, a leading managing general underwriter and insurance technology innovator, has secured a $375 million senior credit facility from funds managed by the U.S. Direct Lending and Alternative Credit strategies of Ares Management Corporation (NYSE: ARES, "Ares"). Proceeds of the transaction will be used to refinance SageSure's existing bank facility and to support strategic growth initiatives.
"SageSure continues to see tremendous opportunity to grow profitably in our core catastrophe-prone insurance markets," said SageSure CEO, Terry McLean. "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."
SageSure writes business on behalf of multiple leading carrier partners, including IAT Insurance Group, FedNat Insurance Company, Independent Mutual Fire, SafePort Insurance Company, and the recently launched SURE (SureChoice Underwriters Reciprocal Exchange). SageSure has previously deployed capital for SafePort and SURE and plans to invest additional capital to support both.
"We have been following the SageSure story for some time and are excited to support their future growth through this financing solution," said Scott Rosen, Partner in the Ares Credit Group. "We greatly look forward to a long and fruitful relationship with the company."
TigerRisk Capital Markets & Advisory acted as exclusive placement agent to SageSure on the transaction. Shipman & Goodwin LLP acted as legal advisor to SageSure, and Proskauer Rose LLP acted as legal advisor to Ares.
About SageSure
SageSure is an insurance first, tech-forward, capital-lite 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 launch in 2009, 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 network of over 10,000 insurance producers and national brokers who provide customers with expert advice on protecting their most important asset. For more information, visit SageSure.com.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2021, Ares Management Corporation's global platform had approximately $282 billion of assets under management, with approximately 2,000 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit http://www.aresmgmt.com. Follow Ares on Twitter @Ares_Management.
Media Contact
James McKinsey, Kimball Hughes Public Relations, 610-559-7585 x102, [email protected]
SOURCE SageSure
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