SageSure secures $375 million senior credit facility

Residential property managing general underwriter SageSure has secured a $375 million senior credit facility from funds managed by the US Direct Lending and Alternative Credit strategies of Ares Management Corporation (Ares). Proceeds of the transaction will be used to refinance SageSure’s existing bank facility and to support strategic growth initiatives.

“SageSure continues to see tremendous opportunity to grow profitably in our core catastrophe-prone insurance markets. While maintaining our strong, 13-year partnership with minority investor IAT, we are excited to add Ares, a global leader in alternative investment management, as a strategic capital provider. We believe that Ares is well positioned to support SageSure’s growth given its leadership position and deep understanding of the insurance market.” – SageSure CEO, Terry McLean.

SageSure writes business on behalf of multiple carrier partners, including IAT Insurance Group , FedNat , Independent Mutual Fire, SafePort Insurance Company, and the recently launched SureChoice Underwriters Reciprocal Exchange (SURE) . SageSure has previously deployed capital for SafePort and SURE and plans to invest additional capital to support both.

“We have been following the SageSure story for some time and are excited to support their future growth through this financing solution. We greatly look forward to a long and fruitful relationship with the company.” – Scott Rosen, Partner in the Ares Credit Group.