SageSure, one of the largest managing general underwriters focused on catastrophe-exposed markets, announced today that it has made a strategic investment in Pillar Capital Management (“Pillar”), a leading insurance-linked securities fund manager with over $4 billion of institutional assets under management.
The strategic investment adds Pillar’s leading reinsurance risk underwriting capabilities and deep institutional investor relationships to the SageSure platform, expanding SageSure’s capabilities across the property catastrophe value chain and strengthening its ability to connect underwriting expertise with a broader range of capital sources.
Pillar will continue to operate as an independent franchise and will retain its current Bermuda-based team and investment strategy, augmented by SageSure’s sophisticated risk-level insights, analytics, and technology capabilities. Pillar will continue to be led by longtime CEO and CIO Stephen Velotti and COO Tara Railton. Pillar’s management team will continue to hold a substantial ownership stake in the business.
“For nearly two decades, Pillar has built a world-class platform and deep relationships with global institutional investors through a relentless focus on strong technical underwriting and prudent risk management, two principles which are core to our ethos at SageSure,” said Terrence McLean, President and CEO of SageSure. “For those reasons, I believe the two organizations could not be a better fit as partners.”
“We are excited to embark on this next chapter with SageSure. While our core strategy, our team, and the way we serve our investor partners will remain unchanged, partnership with SageSure will further enhance our ability to access, evaluate, and manage catastrophe risk and allow us to continue delivering industry-leading results,” said Stephen Velotti, CEO and CIO of Pillar.
SageSure’s existing debt facility with long-standing capital partner Ares Management was expanded to support the investment.
Howden Capital Markets & Advisory served as exclusive financial advisor to SageSure on the transaction, and Evercore served as exclusive financial advisor to Pillar. Willkie Farr & Gallagher LLP and Appleby served as SageSure’s legal counsel.
About SageSure
SageSure is one of the largest residential property managing general underwriters in the US specializing in catastrophe-exposed markets. Dedicated to serving producers and carrier partners, SageSure provides highly differentiated residential and commercial solutions, innovative service and claims management, and market-leading buying experiences. A leader in catastrophe risk underwriting and exposure management, SageSure operates in 16 states, protects nearly 1 million policyholders, and manages more than $3 billion of inforce premium. For more information, visit sagesure.com.
About Pillar Capital Management
Pillar Capital Management is a Bermuda-based independent asset manager specializing in insurance-linked securities, with a singular focus on the global property catastrophe reinsurance market. Founded in 2008, Pillar operates at the intersection of asset management and reinsurance, providing institutional investors with access to an asset class that is uncorrelated to traditional markets, through a disciplined, research-driven approach to underwriting catastrophe risk. As a multi-strategy platform, Pillar allocates capital dynamically across reinsurance, retrocession, catastrophe bonds, and industry loss warranties (ILWs). For more information, visit pillar-capital.com.
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