SageSure Secured $375mm Senior Credit Facility from Ares

On February 9, 2022, SageSure Holdings, LLC (“SageSure”) announced it entered into a $375 million Senior Credit Facility with funds managed by the U.S. Direct Lending and Alternative Credit strategies of Ares Management Corporation (NYSE: ARES, “Ares”)

SageSure is the largest residential property MGU in the U.S. specializing in coastal markets

• Launched in 2009, SageSure operates in 14 coastal states serving more than 400,000 policyholders
• SageSure writes business on behalf of multiple leading carrier partners, including:
  • IAT Insurance Group (13-year partner and minority investor in SageSure), FedNat Insurance Company, SafePort Insurance Co., Independent Mutual Fire, and SureChoice Underwriters Reciprocal Exchange

Ares is a leading global alternative investment manager with $282 billion of assets under mgmt.^(a)

• Offers investment solutions across credit, private equity, real estate, and infrastructure asset classes
• Has ~2,000 employees operating across North America, Europe, Asia Pacific and the Middle East

Proceeds are being used to refinance SageSure’s existing bank facility and fund continued growth

• SageSure is using a portion of proceeds to invest in carrier partners
  • Including SafePort Insurance Co. and SureChoice Underwriters Reciprocal Exchange

TCMA acted as exclusive placement agent to SageSure, leading key transaction steps including:

• Assisting management in assessing various capital solutions for its business
• Marketing the transaction to potential investors in a highly competitive process
• Offering insights around and assisting in the negotiation of transaction terms and conditions
• Managing and organizing an efficient due diligence process
• Providing objective advice and acting as a confidant to SageSure throughout the process