SageSure, the specialist catastrophe-exposed property managing general underwriter (MGU), has sponsored its second collateralized reinsurance sidecar, securing $200 million of protection from a Seawall Re II Ltd. transaction.
In turn that protection cascades down to benefit a number of SageSure linked underwriting entities.
It’s not immediately clear if the same is true of this second sidecar arrangement is structured the same, to provide retrocession to Anchor Re and then benefit SageSure underwriting entities with reinsurance.
But Seawall Re II does see SageSure significantly expanding the amount of quota share reinsurance it receives from its sidecar platform, so expanding its utility while still covering multiple underwriting vehicles, it seems.
As a result of this much larger sidecar arrangement, SageSure has now secured $250 million of reinsurance limit from third-party investors through its Seawall reinsurance sidecar platform.
“SageSure is committed to building long-term investor relationships, and Seawall Re II is a direct reflection of that commitment,” explained Terrence McLean, President and CEO of SageSure. “We believe that the future of catastrophe risk management lies in the ability to provide investors with a transparent, data-driven gateway to profitable underwriting results. We look forward to continuing to build investor trust with high-quality data, proactive reporting, and sustained outperformance.”
Working closely with carrier partners and benefiting from both traditional reinsurer and capital market or ILS investor appetite, SageSure said that for 2026 it expects to secure approximately $7 billion of first event reinsurance limit.
Of course, the SageSure catastrophe bond programs also continue to build, with those currently providing the company $2.785 billion of multi-year reinsurance from the capital markets, according to the Artemis cat bond sponsor leaderboard.
SageSure explained that the Seawall Re II reinsurance sidecar “facilitates a quota share structure that creates alignment between capital providers, SageSure, and SageSure’s underwriting partners SURE, Elevate, SafeChoice, Auros, Interboro, and GeoVera Nova.”
Adding that, “Carrier partners benefit from incremental catastrophe capacity and reduced net risk positions, while capital providers gain access to a well-priced, well-managed, and diversified catastrophe risk portfolio.”
GC Securities acted as the sole structuring and placement agent for the second Seawall reinsurance sidecar transaction for SageSure.
“We’re proud to have partnered with SageSure on the Seawall Re platform since its inception,” Liam Martens, Managing Director of GC Securities, a division of MMC Securities LLC said. “The strong investor response signals SageSure’s differentiated approach to catastrophe risk management is highly attractive to the capital markets. We look forward to building on this momentum as the Seawall Re franchise scales.”
Find details of numerous reinsurance sidecar investments and transactions in our directory of collateralized reinsurance sidecars transactions.
