SageSure, Markel team up to bring capacity for expanded markets program
SageSure, Markel team up to bring capacity for expanded markets program | Insurance Business America
Insurance News
SageSure, Markel team up to bring capacity for expanded markets program
Collaboration will allow producers to quote and bind products within the platform
Insurance News
By
Kenneth Araullo
Managing general underwriter (MGU) SageSure has announced a collaboration with Markel that will see SageSure Expanded Markets distributing Markel’s insurance products initially in Louisiana, South Carolina, and Texas, with plans to expand to additional states in the future.
As per the MGU, this collaboration aligns with both companies’ expertise in providing tailored solutions for complex risks in challenging markets.
Markel, providing specialty insurance since 1930, brings underwriting expertise to the partnership, offering programs for specialized risks. Through this collaboration, producers will be able to quote and bind expanded-markets products via SageSure’s proprietary platform within minutes.
Dan Maloney (pictured above), vice president of expanded markets at SageSure, described the partnership as a natural fit, noting that Markel shares SageSure’s commitment to innovation and custom insurance products.
Maloney expressed optimism about the collaboration, highlighting the benefits for producers who will access Markel’s products through SageSure’s quoting and binding platform.
Jeff May, executive underwriting officer at Markel, said the company was enthusiastic to be part of SageSure’s Expanded Markets program.
May also emphasized Markel’s commitment to serving challenging markets and noted the strategic importance of this long-term collaboration.
Since September 2023, SageSure Expanded Markets has been working with third-party providers to enhance its product offerings and increase capacity for its producer partners.
In April, together with its policyholder-owned entity SureChoice Underwriters Reciprocal Exchange (SURE), SageSure announced the successful closure of the Gateway Re 2024-2 catastrophe bond.
The bond, valued at $130 million, closed with 75 basis points tighter than the initial midpoint price guidance. Initially targeting a range between $100 million and $130 million, the bond ultimately achieved the higher end of its goal.
Meanwhile, Markel also recently announced that it entered into a definitive agreement to acquire a majority interest in Valor Environmental and its related operating companies.
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