SageSure closes acquisition of GeoVera Advantage Insurance

SageSure , a managing general underwriters focused on catastrophe-exposed markets, announced it has closed the acquisition of GeoVera Advantage Insurance Services , the entity that will now function as a newly formed MGA and includes a residential earthquake risk underwriting franchise. The transaction was originally announced on April 9, 2024.

As part of the transaction, SageSure has invested in GeoVera Nova Holdings, Inc. (“GeoVera Nova”), which has acquired GeoVera Insurance Holdings, Ltd.’s insurance carrier businesses. GeoVera Nova now oversees the highly diversified insurance operating subsidiaries GeoVera Insurance Company, GeoVera Specialty Insurance Company, and Coastal Select Insurance Company—each rated “A” (Excellent) by AM Best—as well as the newly acquired SafePort Insurance Company (“SafePort”).

The deal establishes SageSure’s partnerships with GeoVera Nova insurance subsidiaries through GeoVera Advantage, which signed a Program Administrator and Claims Services Agreement and will produce all residential earthquake and other MGA business for GeoVera Nova-owned carriers. As of the transaction’s close, 114 former employees from the residential earthquake risk underwriting franchise have joined SageSure and will provide continuity to GeoVera Nova carriers, producers, and policyholders.