GeoVera combines insurance carriers with SafePort, sells MGA to SageSure

GeoVera Insurance Holdings, Ltd. has announced its plans to sell its managing general agent business, GeoVera Advantage Insurance Services, Inc., to SageSure; once the deal closes, a new entity named GeoVera Nova Holdings, Inc. (GeoVera Nova) will emerge, assuming control of four insurance operating units.

Following the completion of the transaction, SageSure will assume the underwriting operations of GeoVera MGA’s residential earthquake franchise. Nesrin Basoz, Chief Underwriting Officer of GeoVera’s MGA, along with the team, will transition to SageSure.

This strategic move is anticipated to strengthen SageSure’s capabilities in underwriting catastrophe risk and accelerate its expansion into new markets.

Terrence McLean, President and CEO of SageSure, expresses enthusiasm for the partnership: “We are excited to enter into an agreement that solidifies SageSure as one of the leading underwriters of catastrophe-exposed property risk in the US. This transaction is a rare opportunity to create significant value for employees and investors of both companies.”

McLean emphasises, “The addition of Nesrin Basoz and the GeoVera MGA team will ensure continuity in GeoVera’s product offerings and a seamless experience for GeoVera distributors and policyholders.”

As part of the deal, GeoVera’s current investors, including Flexpoint Ford, New Capital Partners, and AXA XL, will exit as shareholders.

After the transaction is completed, GeoVera Nova will be established, controlling GeoVera Insurance Company, GeoVera Specialty Insurance Company, Coastal Select Insurance Company, and SafePort Insurance Company (SafePort).

SafePort, a property-focused insurance carrier, is SageSure’s existing carrier partner, which will join GeoVera’s insurance carriers, strengthening an already robust, well-capitalised, and diversified group of carriers rated by AM Best.

Andy DiLoreto, CEO of SafePort’s management company, remarks, “SafePort looks forward to joining GeoVera’s insurance operating companies in the future, which we believe will enable a strong go-forward path toward even greater stability and diversification.”

“We are optimistic about the opportunities it will facilitate to better serve our policyholders,” DiLoreto adds.

The transaction will also establish SageSure’s partnership with GeoVera Nova.

John Forney, President and CEO of GeoVera, says, “Our MGA team will provide SageSure with additional underwriting expertise and product diversity, while our new carrier partnership will ensure stability and continuity for GeoVera agents and policyholders. We look forward to the exciting opportunities this partnership will bring.”

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