SURE Now Provides E&S Homeowners Insurance in Florida
SURE today announced it now writes excess and surplus lines property insurance in Florida.
Menu
Houston, TX – May 0, 2022 – SageSure and SureChoice Underwriters Reciprocal Exchange (“SURE”) today announced that SURE, a coastal property reciprocal insurer whose policies are exclusively available through SageSure, has successfully closed a $150 million private placement catastrophe bond transaction. SURE entered into a three-year reinsurance arrangement with Gateway Re Ltd., a newly established Bermuda special purpose insurer, which will provide SURE with indemnity-based hurricane and named storm protection in Alabama, Louisiana, Mississippi, and Texas across three full Atlantic hurricane seasons.
“Our catastrophe bond is an essential part of our reinsurance structure and complements a tower backed by industry-leading reinsurers,” said Ed Konar, president of SURE. “We are proud to have successfully sponsored our first catastrophe bond that protects our business, backs our strategic growth in coastal markets, and demonstrates strong investor support for our mission.”
The transaction was announced with an initial target of $150 million and was oversubscribed, closing at the target $150 million. The inaugural issuance closed within initial pricing guidance amidst a market where many catastrophe bond transactions have priced above their initial range or were pulled due to insufficient demand at a target price level. Investors were encouraged by SURE and SageSure’s record of outperformance in managing portfolio risks.
“SURE is integral to the SageSure ecosystem. Our partnership empowers us to deliver on our commitment to producers to provide stable, abundant capacity in challenging markets,” said Terrence McLean, CEO and co-founder of SageSure. “We are excited to continue building a preferred book of business with SURE made possible by our superior underwriting and segmentation.”
Swiss Re Capital Markets and TigerRisk Capital Markets & Advisory acted as joint structuring agents and joint bookrunners on the transaction.
“Swiss Re Capital Markets is proud to have had the opportunity to guide the SageSure and SURE teams through their first catastrophe bond issuance and to assist in establishing the Gateway Re capital markets platform,” said Andras Bohm, Head ILS Structuring for the Americas of Swiss Re Capital Markets. “Successfully securing meaningful support from ILS investors in prevailing market conditions is a clear reflection of the team’s track record of balancing growth with outstanding underwriting results.”
Philipp Kusche, Global Head of ILS and Capital Solutions at TigerRisk Capital Markets & Advisory, added, “We are proud to support SURE and SageSure in their inaugural catastrophe bond transaction, which follows on SageSure’s proven success at accessing capital markets and in executing on their strategic initiatives, including the establishment of SURE itself. It has been exciting to work with such a quality team in bringing SageSure and SURE’s sophisticated underwriting capability to the capital markets. The transaction has been very well received and achieved its target size amidst challenging market conditions.”
About SageSure
SageSure is an insurance first, tech-forward, capital-lite 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 415,000million 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 11,400 insurance producers and national brokers who provide customers with expert advice on protecting their most important asset. For more information, visit sagesure.com.
About SURE
SureChoice Underwriters Reciprocal Exchange (SURE) is the member-owned home insurance company for reliable coastal 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 60,000 policyholders and more than $130 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, and flood coverage through an exclusive partnership with SageSure. SURE is rated A, Exceptional, by Demotech, Inc. and is currently available in Alabama, Louisiana, Mississippi, and Texas. To learn more, visit sureins.com.
SURE today announced it now writes excess and surplus lines property insurance in Florida.
SURE’s continued commercial expansion demonstrates staying power in challenging markets.
SURE today announced its coverage is now available in North Carolina. SURE’s North Carolina homeowners insurance is underwritten, distributed, and serviced by SageSure, the leader in catastrophe-exposed property insurance.