Managing general underwriter SageSure has closed the previously announced acquisition of GeoVera Advantage Insurance Services, LLC. The entity will now function as a newly formed MGA, including the residential earthquake risk underwriting franchise.

As part of the transaction, SageSure invested in GeoVera Nova Holdings, Inc., which has acquired GeoVera Insurance Holdings, Ltd.’s insurance carrier businesses.

GeoVera Nova now oversees the diversified insurance operating subsidiaries GeoVera Insurance Company, GeoVera Specialty Insurance Company, and Coastal Select Insurance Company, each rated “A” (Excellent) by AM Best along with the newly acquired SafePort Insurance Company.

The transaction aims to combine the catastrophe risk underwriting expertise of the two businesses, which will operate under the SageSure brand.

With the addition of the GeoVera Nova insurance subsidiary partnerships, SageSure has strengthened its position to ensure seamless service for distributors, customers, and partners.

The acquisition also establishes SageSure’s partnerships with GeoVera Nova insurance subsidiaries through GeoVera Advantage, which signed a “Program Administrator and Claims Services Agreement,” as it now produces all residential earthquake and other MGA business for GeoVera Nova-owned carriers.

All the former employees from the residential earthquake risk underwriting franchise have joined SageSure and will provide continuity to GeoVera Nova carriers, producers, and policyholders.

SageSure’s financial advisor was Howden Capital Markets & Advisor, while Willkie Farr & Gallagher LLP served as the legal advisor.

Terrence McLean, President and Chief Executive Officer (CEO), SageSure, commented, “We are very excited to welcome this talented team to SageSure. Together, we will continue to focus on profitable, complementary catastrophe risk underwriting activities, drive growth, and deliver incredible value for policyholders, our partners, and our people.”

John Forney, President and CEO of GeoVera Nova, added, “We are proud to partner with SageSure, who shares our commitment to delivering differentiated products, capabilities, and experiences to producers and policyholders. We look forward to a long and mutually beneficial partnership.”