General underwriter SageSure and property insurer Auros Reciprocal Insurance Exchange have announced a partnership that will bring homeowners insurance to residents in Mississippi and Louisiana.
SageSure president and CEO Terrence McLean expressed his excitement over the partnership.
“Auros introduces much-needed capacity to Louisiana and Mississippi where demand for homeowners solutions is high and options are limited,” said SageSure president and CEO Terrence McLean. “With the launch of Auros, SageSure can continue to deliver on its promise to provide consistent, reliable products for producers while diversifying premium growth.”
The launch of Auros is the third reciprocal exchange that was sponsored by SageSure, following the introduction of SureChoice Underwriters Reciprocal Exchange (SURE) and Elevate in 2021 and 2022, respectively. Earlier this year, Auros received its certificate of authority in Mississippi and has $25 million in initial policyholder surplus. It has also received a Financial Stability Rating of A (Exceptional) from Demotech, Inc.
Through the partnership, SageSure will be able to provide homeowners products for both producers and policyholders throughout the Gulf and Southeast, as Auros’ HO3 and HO5 policies in Mississippi and Louisiana are only available through the general underwriter.
Seasoned insurance industry executive Ed Konar joined Auros as the president of Auros Risk Management, LLC, which is the attorney-in-fact (AIF) that manages operations of the reciprocal exchange. Rich Swartz has joined the AIF as treasurer.
Konar said that Auros is an insurance company that is customer-centric by design as it is owned by policyholders.
“We make every decision with our policyholders’ best interests in mind. We believe that alignment of interest creates better outcomes for members, partners, and the markets we serve. We’re grateful to SageSure and the Mississippi Insurance Department for their partnership in bringing Auros to the market,” said Konar.
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