Startup has raised over $700mn in past two years

SageSure, a Jersey City, NJ-based provider of catastrophe-exposed property insurance, has raised $250 million in equity funding.

The investment was led by Amwins, a prominent insurance broker, and Flexpoint Ford, a private equity firm, with participation from Ares Management Corporation. Amwins and Flexpoint will each appoint a representative to the SageSure board of managers.

The deal gives the startup, which provides insurance coverage for coastal residential and commercial properties, an opportunity to partially recapitalize the firm’s long-term minority stakeholders, while bringing in experienced strategic and financial investors.

The capital infusion will facilitate the company’s growth trajectory as it surpasses $1 billion of inforce premium (a policy that is currently active and providing insurance coverage in return for premiums paid).

The investment also enables the organization to enhance its underwriting capacity in a challenging market environment for catastrophe-exposed property risk.

Terrence McLean, CEO and co-founder of SageSure, expressed enthusiasm about the new partnership, stating, “SageSure is excited to include Amwins and Flexpoint Ford among our sophisticated capital partners. We’re grateful for their investment in our capital-efficient business model.”

Founded in 2009, SageSure has successfully raised more than $700 million over the past two years in equity and debt funding from reputable financial institutions such as Ares Management Corporation, Citizens Financial Group and Wintrust Financial Corporation.