SageSure, a managing general agent specializing in catastrophe-exposed markets in the Southeast and other states, along with its affiliated Anchor Re captive reinsurer and SURE reciprocal, announced they have secured a $60 million catastrophe bond, three months after SageSure closed on a $130 million cat bond in April.
The transaction brings SageSure’s risk capital to $1.2 billion, ahead of what is predicted to be a busy Atlantic hurricane season.
“The structure of this catastrophe bond provides essential protection if more than one hurricane impacts our portfolio this hurricane season,” said Travis Lewis, Director of Anchor Re.
Insurance-linked securities and alternative capital, such as cat bonds, are a “crucial risk-transfer mechanism” for insurers and reinsurers in high-risk coastal areas, SageSure noted in a news release this week.
SageSure has offices in New Jersey and writes in 14 states.
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