SageSure and Anchor Re have announced the completion of a $50 million reinsurance sidecar transaction with Seawall Re Ltd., a Bermuda-based special purpose insurer. The arrangement allows third-party capital to participate in SageSure’s underwriting results, which are supported by its catastrophe risk management and claims handling.
The structure of the deal enables SageSure to offer additional protection for Anchor Re and its carrier partners through retrocessional coverage for the 2025-2026 treaty year. The transaction uses a “losses occurring during” quota share format. Four insurance carriers—SureChoice Underwriters Reciprocal Exchange, SafeChoice Insurance Company, Auros Reciprocal Insurance Exchange, and Elevate Reciprocal Exchange—will benefit from this increased capacity.
“SageSure is excited to continue diversifying capacity solutions that support our growing underwriting operations in catastrophe-exposed markets,” said Terrence McLean, President and CEO of SageSure. “The sidecar provides extra protection for Anchor Re and our carrier partners while directly connecting third-party capital to a stable risk profile expected to generate positive returns. We are grateful for the strong investor support for this transaction.”
Travis Lewis, Director of Anchor Re, commented on the development: “The inaugural Seawall Re sidecar transaction is a significant milestone in our partnership with SageSure. SageSure’s diligent underwriting and portfolio management have resulted in an appealing risk profile we believe is difficult to replicate. We’re grateful for the investor trust in our growth and success.”
GC Securities served as the sole structuring and placement agent for this transaction. Liam Martens, Managing Director of GC Securities, stated: “We’re proud to have supported SageSure and Anchor Re in the debut Seawall Re sidecar issuance. The strong execution signals that SageSure’s differentiated catastrophe risk underwriting and portfolio management approach resonates with investors.”
SageSure operates as one of the largest managing general underwriters focused on property exposed to catastrophes in the United States. The company works across 16 states, serves over 850,000 policyholders, and manages more than $2.5 billion in premiums (https://www.sagesure.com/about/). Anchor Re was established in 2020 as an Arizona-domiciled captive reinsurer providing capacity exclusively for SageSure’s carrier partners.