Concurrently, Interboro and SageSure entered into a program administrator agreement and a claims services agreement.

The transaction is expected to close in the fourth quarter of 2024.

SURE has earned a Financial Stability Rating of A, Exceptional, from Demotech.

The Expanded Markets program offers a range of insurance solutions to reach more customers.

The transaction partially recapitalizes SageSure’s long-term minority stakeholders while bringing in experienced strategic and financial investors.

The facility will support quota share capacity with Anchor Re.

Elevate is domiciled in Texas.

SURE's North Carolina homeowners insurance is underwritten, distributed, and serviced by SageSure.

FedNat will also then contribute additional capital.

Swiss Re Capital Markets and TigerRisk Capital Markets & Advisory acted as joint structuring agents and joint bookrunners on the transaction.

Proceeds of the transaction will be used to refinance SageSure’s existing bank facility and to support strategic growth initiatives.

SageSure to use Opterrix software platform to expand claims management capabilities related to hail and other extreme weather events.

SURE is the first new reciprocal exchange in Texas since 2004.

Launching in South Carolina followed by Florida, SageSure’s commercial product line, including businessowners policies (BOP), provides coverage for over 300 classes of businesses in six industry groups, such as office, retail and wholesale, restaurants, service and processing, habitational and real estate.