SageSure, a managing general agent focused on catastrophe-prone markets, has completed its acquisition of GeoVera Advantage Insurance Services, an earthquake risk underwriter.
GeoVera Advantage will now operate as a newly formed MGA, including its earthquake risk underwriting franchise. The deal, originally announced in April 2024, marks a significant step in SageSure’s expansion strategy.
SageSure also confirmed its investment in GeoVera Nova Holdings, which has acquired the insurance carrier operations of GeoVera Insurance Holdings.
GeoVera Nova now oversees a portfolio of subsidiaries, including GeoVera Insurance, GeoVera Specialty Insurance, Coastal Select Insurance, and the newly acquired SafePort Insurance Co.
Through GeoVera Advantage, the new MGA will handle residential earthquake and other MGA business for GeoVera Nova’s carriers. The agreement includes a program administrator and claims services deal. Additionally, 114 employees will transfer to SageSure as part of the acquisition.
SageSure initially announced plans to acquire GeoVera’s earthquake-focused unit in April 2024 to expand its presence in new regions.
The acquisition of GeoVera Insurance Services, an MGA within the specialty property provider, will transfer underwriting operations for the earthquake franchise to SageSure.
The company plans to extend its reach into Oregon and Washington state.
The deal also strengthens SageSure’s partnership with GeoVera’s carriers, providing residential earthquake coverage in California, Oregon, and Washington. Additionally, the carriers will offer excess & surplus homeowners, commercial habitational, and residential wind capacity in Florida.
SafePort Insurance, a SageSure partner and subsidiary of Goose Creek Capital, will join the GeoVera carrier network.
