Growth capital will support captive reinsurance vehicle and increase underwriting capacity.
SageSure, a leading provider of catastrophe-exposed property insurance, today announced the close of a $50 million expanded revolving credit facility with its new commercial banking partner Wintrust Financial Corporation (“Wintrust”). The funding will enable SageSure to increase underwriting capacity in the catastrophe-exposed markets it currently serves.
“Despite challenging market conditions, SageSure has maintained a track record of responsible growth that benefits our producers, carrier partners, and policyholders,” said Terrence McLean, CEO of SageSure. “We are excited to include Wintrust among our outstanding capital partners that support SageSure’s mission to be a long-term provider of underwriting capacity in underserved markets.”
The facility will support quota share capacity with Anchor Re, a captive reinsurance vehicle, on behalf of SageSure carrier partners. Supporting its carrier partners’ reinsurance placements has been a key part of SageSure’s strategy in navigating the hardest property catastrophe reinsurance market in the last 30 years. Leveraging Anchor Re is a vital pillar of that support.
“Wintrust is proud to provide a thoughtful financing solution that supports SageSure’s future growth and continued innovation,” said Lena Dawson, President of Wintrust Insurance Banking, a division of Lake Forest Bank & Trust Company, N.A., a Wintrust Community Bank. “We look forward to being a strategic partner to SageSure for years to come.”
About SageSure
SageSure is the managing general underwriter specializing in coastal residential and commercial property insurance. SageSure offers more than 50 competitively priced insurance products in 14 coastal states on behalf of its carrier partners, serves nearly 400,000 policyholders, and has more than $1 billion of inforce 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. For more information, visit sagesure.com.
About Wintrust Insurance Banking
Wintrust Insurance Banking is composed of dedicated insurance banking specialists who take the time to understand each agency’s unique needs, in order to provide consultative guidance on the right financial solutions to help agents, brokers, managing general agents, and managing general underwriters grow their business. Through their parent company Wintrust, they are able to provide a full suite of financial solutions, including premium financing.
About Wintrust Financial
Wintrust is a financial holding company with assets of approximately $53 billion whose common stock is traded on the NASDAQ Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries, with over 170 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units including business units which provide commercial and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred exchanges.
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Contacts
Walker Sands
sagesure@walkersands.com
