SageSure, a managing general agent specializing in catastrophe-exposed markets, has finalized its acquisition of GeoVera Advantage Insurance Services LLC, a key player in earthquake risk underwriting.
The acquisition, initially announced in April 2024, positions GeoVera Advantage Insurance Services as a newly established MGA under SageSure’s oversight. This expansion includes the earthquake risk underwriting franchise previously operated by GeoVera Insurance Holdings Ltd., SageSure confirmed in a statement.
Additionally, SageSure has invested in GeoVera Nova Holdings, Inc., which has acquired GeoVera Insurance Holdings Ltd.’s insurance carrier business. GeoVera Nova now oversees a portfolio of subsidiaries, including GeoVera Insurance Co., GeoVera Specialty Insurance Co., Coastal Select Insurance Co., and SafePort Insurance Co., which was part of the transaction.
The acquisition broadens SageSure’s market presence, particularly in earthquake-prone regions like Oregon and Washington, the company statement noted. The deal also cements a partnership with GeoVera’s carriers, which will provide residential earthquake insurance in California, Oregon, and Washington, along with additional capacity for excess and surplus homeowners, commercial habitational, and residential wind insurance in Florida.
Under the agreement, 114 employees from GeoVera Advantage Insurance Services will transition to SageSure, ensuring continuity in operations and expertise. Furthermore, GeoVera Advantage will act as the program administrator and claims service provider for GeoVera Nova-owned carriers, managing all residential earthquake and MGA business.
SageSure emphasized that SafePort Insurance Co., its existing carrier partner and a subsidiary of Goose Creek Capital Inc., will join GeoVera Nova’s insurance carriers. Underwriting entities within the GeoVera Investment Group Ltd. continue to maintain Best’s Financial Strength Ratings of A (Excellent).
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