SageSure to acquire Olympus MGA

SageSure, the managing general underwriter focused on catastrophe-exposed markets, has entered into a definitive agreement to acquire Gemini Financial Holdings Corporation and its subsidiaries, including Olympus MGA Corp.

Olympus MGA, one of the top underwriting franchises in Florida, is the managing general agent for Olympus Insurance Company, a Florida property insurer that serves the mass-affluent homeowners segment.

As part of the transaction, Valence Insurance Holdings, the parent company of SageSure’s carrier partners Auros and Interboro Insurance, will acquire Olympus Insurance and captive reinsurer Radiant, Ltd.

The acquisition will enhance SageSure’s position in the Florida property insurance market, resulting in a combined ~130,000 inforce policies, ~$700 million in gross written premium, and a network of ~1,500 independent agents across the state.

SageSure’s existing debt facility with long-standing capital partner Ares Management will expand to support the acquisition.

“It takes extreme discipline, strategy, and differentiation to succeed in the Florida market of the last several years as Olympus has. With a management team committed to serving the specific needs of the mass-affluent homeowners segment, a highly differentiated claims experience, and a track record of exceptional financial performance, Olympus is a strong strategic fit for SageSure. What’s even more impressive is that Olympus was able to deliver these results prior to Florida’s recent legislative changes. We look forward to continuing Olympus’ winning strategy together.” – Terrence McLean, President and CEO of SageSure.

“Our company’s purpose is to deliver the superior insurance experiences people deserve, and we see that mission reflected in SageSure’s market leadership. We are excited for this new chapter with SageSure that will further enhance Olympus’ performance, growth, and stability in one of the most complex insurance markets in the US.” – Tim Stroble, CEO of Olympus.