Markets/Coverages: SageSure, Markel Collaborate to Expand Capacity in Coastal States

Managing general underwriter SageSure announced it is collaborating with Markel to introduce new capacity to its expanded markets program, broadening underwriting eligibility in coastal states.

SageSure Expanded Markets will distribute Markel’s insurance products first in Louisiana, South Carolina, and Texas, with more states forthcoming.

The companies said the collaboration will deliver high-quality solutions for complex risks and challenging markets.

The collaboration provides access to Markel’s trusted products through SageSure’s proprietary platform where producers can quote and bind Expanded Markets products in minutes, SageSure said in an announcement.

Last month SageSure secured a $60 million catastrophe bond three months after closing on a separate $130 million cat bond. The transaction brought SageSure’s risk capital to $1.2 billion. Based in New Jersey, SageSure writes in 14 states.