Cat specialist SageSure has finalised the acquisition of GeoVera Benefit Insurance coverage Companies for an undisclosed sum.
The acquired entity will function a managing common agent (MGA), incorporating residential earthquake threat underwriting franchise.
This deal was first reported in April 2024.
It would see SageSure investing in GeoVera Nova Holdings, which has taken over GeoVera Insurance coverage Holdings’ service companies.
GeoVera Nova manages 4 insurance coverage working subsidiaries – GeoVera Insurance coverage Firm, GeoVera Specialty Insurance coverage Firm, Coastal Choose Insurance coverage Firm, and SafePort Insurance coverage Firm.
GeoVera Nova CEO president John Forney added: “We’re proud to associate with SageSure, who shares our dedication to delivering differentiated merchandise, capabilities, and experiences to producers and policyholders.”
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SageSure CEO and president Terrence McLean stated: “Collectively, we’ll proceed to give attention to worthwhile, complementary disaster threat underwriting actions, drive development, and ship unbelievable worth for policyholders, our companions, and our individuals.”
GeoVera Benefit has additionally entered a programme administrator and claims providers settlement, with the enterprise tasked with producing all residential earthquake and different MGA enterprise for the carriers owned by GeoVera Nova.
As a part of the deal, 114 employees from the residential earthquake threat underwriting franchise have moved to SageSure.
These workers will keep continuity for GeoVera Nova carriers, producers, in addition to policyholders.
The acquisition merges the disaster threat underwriting experience of each corporations, which can now function beneath the SageSure model.
SageSure secured monetary recommendation from Howden Capital Markets & Advisory for the deal, whereas Willkie Farr & Gallagher offered authorized counsel.
