JERSEY CITY, NJ, February 9, 2022 – SageSure, a leading managing general underwriter and insurance technology innovator, has secured a $375 million senior credit facility from funds managed by the U.S. Direct Lending and Alternative Credit strategies of Ares Management Corporation (NYSE: ARES, “Ares”).

Proceeds of the transaction will be used to refinance SageSure’s existing bank facility and to support strategic growth initiatives.

“SageSure continues to see tremendous opportunity to grow profitably in our core catastrophe-prone insurance markets,” said SageSure CEO, Terry McLean. “While maintaining our strong, 13-year partnership with minority investor IAT, we are excited to add Ares, a global leader in alternative investment management, as a strategic capital provider. We believe that Ares is well positioned to support SageSure’s growth given its leadership position and deep understanding of the insurance market.”

SageSure writes business on behalf of multiple leading carrier partners, including IAT Insurance Group, FedNat Insurance Company, Independent Mutual Fire, SafePort Insurance Company, and the recently launched SURE (SureChoice Underwriters Reciprocal Exchange). SageSure has previously deployed capital for SafePort and SURE and plans to invest additional capital to support both.

“We have been following the SageSure story for some time and are excited to support their future growth through this financing solution,” said Scott Rosen, Partner in the Ares Credit Group. “We greatly look forward to a long and fruitful relationship with the company.”

TigerRisk Capital Markets & Advisory acted as exclusive placement agent to SageSure on the transaction. Shipman & Goodwin LLP acted as legal advisor to SageSure, and Proskauer Rose LLP acted as legal advisor to Ares.