SageSure and SURE Prevent Coverage Interruption for 14K+ South Carolina Homeowners

Assumption of 14,000+ FedNat Insurance Company policies ensures continuous coverage for South Carolina homeowners.

JERSEY CITY, NJ – July 6, 2022 – SageSure, the insurance first, tech-forward managing general underwriter for coastal property, announced today the completed transfer of more than 14,000 South Carolina homeowners insurance policies from FedNat Insurance Company to its carrier partner SURE. The member-owned property insurance company SURE entered the South Carolina homeowners insurance market in June 2022, and will assume these policies.

FedNat was downgraded in its Demotech Financial Stability Rating® from “A” (Exceptional) to “S” (Substantial), a rating that doesn’t meet Fannie Mae and Freddie Mac mortgage insurance requirements, putting thousands of South Carolina policies at risk of interrupted coverage. FedNat was unable to secure adequate reinsurance or to maintain surplus as required by law, which played a role in the company’s restructuring and exit from Texas, Louisiana, Mississippi, Alabama, and South Carolina.

Before FedNat stopped providing coverage in South Carolina effective July 1, 2022, SageSure implemented a transition plan for its FedNat policyholders, ensuring they have access to highly rated coverage through SURE, rated “A” (Exceptional) by Demotech and with more than $550 million in reinsurance protection.

“We responded to FedNat’s downgrade by expediting the transfer of exposure from FedNat to SURE as quickly as possible while honoring our commitments to reinsurers,” said Terry McLean, co-founder and CEO of SageSure. “Our team has worked incredibly hard to ensure South Carolina homeowners have reliable, continuous protection for their most valuable asset.”

The transition coincides with a tightening property insurance market with little appetite for coastal risk. In the last six months, four P&C insurance companies that served South Carolina entered receivership, according to the South Carolina Property and Casualty Insurance Guaranty Association.

SageSure and SURE can consistently serve cat-exposed markets because of their rigorous underwriting approach and superior risk segmentation that leverages more variables highly predictive of loss.

“These risks were underwritten by SageSure and are a strong fit for our portfolio,” said Ed Konar, President of SURE. “We’re excited to welcome our new policyholders, and we’re grateful to the South Carolina Department of Insurance for the support and assistance with this transition.”

In total, SageSure has transitioned thousands of policies from FedNat to SURE in Alabama, Louisiana, Mississippi, Texas, and South Carolina. Without intervention, policyholders would have been left to secure another source of coverage right before hurricane season.

To learn more about SageSure, its commitment to protecting coastal property owners, and its partnership with SURE, visit

About SageSure

SageSure is an insurance first, tech-forward managing general underwriter specializing in coastal residential and commercial property markets. SageSure offers more than 50 competitively priced insurance products in 14 coastal states on behalf of its carrier partners, serves 417,000 policyholders, and has more than $868 million in-force premium to date. Since its launch in 2009, SageSure has been pioneering property insurance through its market-leading online quoting and binding platform and its sophisticated risk modeling and scoring technology. SageSure distributes its products through a network of more than 11,500 insurance producers and national brokers who provide customers with expert advice on protecting their most important asset. For more information, visit

About SURE

SureChoice Underwriters Reciprocal Exchange (SURE) is the member-owned insurance company for reliable coastal property protection. Founded in 2021, SURE is managed by a team of experienced and passionate insurance leaders who believe in building a safer world, one coastal property at a time. With more than 100,000 policyholders and more than $150 million in-force premium to date, SURE has grown rapidly to meet the needs of challenging markets while prudently managing exposure. As the first Texas-domiciled reciprocal since 2004, SURE is customer-focused by design and offers homeowners, dwelling fire, flood, and commercial coverage through an exclusive partnership with SageSure. SURE is rated A, Exceptional, by Demotech, Inc. and is currently available in Alabama, Louisiana, Mississippi, South Carolina, and Texas. To learn more, visit

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