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Latest Shipman & Goodwin News
May 16, 2023
SageSure Secures $250 Million in Equity Financing from Amwins and Flexpoint Ford br> Funding supports recapitalization of long-term minority investors and SageSure’s capital-efficient growth strategy. SageSure, one of the largest independent managing general underwriters focused on providing catastrophe-exposed property insurance, today announced the close of a $250 million equity investment led by Amwins and Flexpoint Ford (“Flexpoint”), with participation from Ares Management Corporation. The transaction partially recapitalizes SageSure’s long-term minority stakeholders while bringing in experienced strategic and financial investors. In connection with the transaction, Amwins and Flexpoint will each appoint a representative to the SageSure Board of Managers. The equity investment also positions SageSure to continue its growth as the organization surpasses $1 billion of inforce premium. By deploying capital efficiently throughout its ecosystem, SageSure’s strategy supports its carrier partners and producers by creating additional underwriting capacity in an otherwise challenging environment for catastrophe-exposed property risk. “SageSure is excited to include Amwins and Flexpoint Ford among our sophisticated capital partners,” said Terrence McLean, CEO and co-founder of SageSure. “We’re grateful for their investment in our capital-efficient business model. Their support will strengthen our ability to protect more American Dreams in challenging markets.” In the past two years, SageSure has secured more than $700 million in equity and debt funding to support its trajectory of responsible growth from top financial institutions, including Ares Management Corporation, Citizens Financial Group, and, most recently, Wintrust Financial Corporation. “Terry and the SageSure team have built a truly exceptional business,” said Scott Purviance, Chief Executive Officer of Amwins. “We are excited to partner with them and support their efforts in building capacity, expanding their distribution base, and continuing to enhance their industry-leading technology platform.” “We are excited to partner with Terry and his talented team as they continue to build a capital efficient company with a superior approach to risk selection and a track record of strong underwriting results for their insurance and (re) insurance partners,” said Dominic Hood, Managing Director of Flexpoint. “Our new partnership with SageSure and Amwins continues Flexpoint’s long history of partnering with growth-orientated platforms in the property and casualty insurance industry.” Shipman & Goodwin LLP served as legal counsel to SageSure. Robinson, Bradshaw & Hinson, P.A. served as legal counsel to Amwins. Waller Helms Advisors served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Flexpoint.
Shipman & Goodwin Frequently Asked Questions (FAQ)
When was Shipman & Goodwin founded?
Shipman & Goodwin was founded in 1919.
Where is Shipman & Goodwin's headquarters?
Shipman & Goodwin's headquarters is located at One Constitution Plaza, Hartford.
Who are Shipman & Goodwin's competitors?
Competitors of Shipman & Goodwin include Halsey Associates and 4 more.
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