SageSure Acquires GeoVera Advantage Insurance Services in Strategic California Deal
Deal News | Jan 03, 2025 | EIN
SageSure has successfully completed the acquisition of GeoVera Advantage Insurance Services LLC, located in Fairfield, California, marking a significant strategic move in the California residential insurance market. This acquisition is particularly notable as it includes the residential earthquake risk underwriting franchise, thereby expanding SageSure’s expertise and reach in catastrophe-exposed residential and commercial property insurance. SageSure, a managing general agent, will incorporate GeoVera Advantage into a newly formed managing general agent entity. Concurrently, SageSure has made an investment in GeoVera Nova Holdings Inc., which has purchased GeoVera Insurance Holdings Ltd.'s insurance carrier businesses. GeoVera Nova Holdings will now manage and guide the strategic growth of its four subsidiaries: GeoVera Insurance Co., GeoVera Specialty Insurance Co., Coastal Select Insurance Co., and SafePort Insurance Co. The acquisition emphasizes SageSure’s commitment to expanding its specialty insurance services and underscores its strategic efforts to enhance its footprint in the property insurance sector.
Sectors
- Insurance
- Financial Services
Geography
- United States – The transaction involves companies operating in the United States, specifically in California.
- California – The acquisition of GeoVera Advantage Insurance Services is specifically located in Fairfield, California, highlighting regional significance.
Industry
- Insurance – The acquisition and investment discussed in the article are centered around the insurance industry, focusing on residential and commercial property insurance.
- Financial Services – This sector is relevant as the transaction involves investment activities in insurance carrier businesses, which are financial services.
Financials
- Undisclosed – The financial terms of SageSure's acquisition of GeoVera Advantage Insurance Services and investment in GeoVera Nova Holdings were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| SageSure | Bidding Company | Company | A managing general agent specializing in catastrophe-exposed residential and commercial property insurance. |
| GeoVera Advantage Insurance Services LLC | Target company | Company | An insurance services company located in Fairfield, California, focusing on residential earthquake risk underwriting. |
| GeoVera Nova Holdings Inc. | Other Company | Company | Oversees the strategic growth of property insurance subsidiaries and has acquired GeoVera Insurance Holdings Ltd.'s businesses. |
| GeoVera Insurance Co. | Other Company | Company | A subsidiary under GeoVera Nova Holdings involved in property insurance. |
| GeoVera Specialty Insurance Co. | Other Company | Company | A subsidiary under GeoVera Nova Holdings providing specialized insurance services. |
| Coastal Select Insurance Co. | Other Company | Company | A property insurance company managed by GeoVera Nova Holdings. |
| SafePort Insurance Co. | Other Company | Company | A property insurance subsidiary under GeoVera Nova Holdings. |