SageSure Collaborates with Markel to Introduce New Capacity to Expanded Markets Program
SageSure, a leading managing general underwriter for catastrophe-exposed markets, has announced a collaboration with Markel (NYSE: MKL) to enhance its Expanded Markets program. The partnership will initially distribute Markel's insurance products in Louisiana, South Carolina, and Texas, with plans to expand to more states.
This collaboration aligns two companies specializing in complex risks and challenging markets. SageSure's proprietary platform will allow producers to quote and bind Markel's products quickly. The partnership aims to increase capacity and broaden underwriting eligibility in coastal regions, leveraging Markel's extensive underwriting expertise and SageSure's innovative approach to serving difficult markets.
SageSure, un importante gestore generale di sottoscrizioni per mercati esposti a catastrofi, ha annunciato una collaborazione con Markel (NYSE: MKL) per migliorare il suo programma Expanded Markets. La partnership distribuirà inizialmente i prodotti assicurativi di Markel in Louisiana, Carolina del Sud e Texas, con piani di espansione in altri stati.
Questa collaborazione unisce due aziende specializzate in rischi complessi e mercati sfidanti. La piattaforma proprietaria di SageSure permetterà ai produttori di quotare e vincolare rapidamente i prodotti di Markel. L'obiettivo della partnership è quello di aumentare la capacità e ampliare l'idoneità alla sottoscrizione nelle regioni costiere, sfruttando l'ampia esperienza di Markel nella sottoscrizione e l'approccio innovativo di SageSure nel servire mercati difficili.
SageSure, un importante suscriptor general de mercados expuestos a catástrofes, ha anunciado una colaboración con Markel (NYSE: MKL) para mejorar su programa de Mercados Ampliados. La asociación distribuirá inicialmente los productos de seguros de Markel en Louisiana, Carolina del Sur y Texas, con planes de expansión a más estados.
Esta colaboración alinea a dos empresas especializadas en riesgos complejos y mercados desafiantes. La plataforma propietaria de SageSure permitirá a los productores cotizar y vincular rápidamente los productos de Markel. La asociación tiene como objetivo aumentar la capacidad y ampliar la elegibilidad de suscripción en regiones costeras, aprovechando la amplia experiencia de Markel en suscripción y el enfoque innovador de SageSure para servir a mercados difíciles.
SageSure, 재해에 노출된 시장을 위한 선도적인 총괄 보험사, Markel (NYSE: MKL)과의 협업으로 Expanded Markets 프로그램을 강화할 것이라고 발표했습니다. 이 파트너십은 처음에 루이지애나, 사우스캐롤라이나, 텍사스에서 Markel의 보험 제품을 유통할 예정이며, 더 많은 주로 확장할 계획입니다.
이번 협력은 복잡한 리스크 및 도전적인 시장에 특화된 두 회사를 연합합니다. SageSure의 자체 플랫폼은 생산자들이 Markel의 제품을 신속하게 견적 및 바인딩할 수 있도록 해줍니다. 파트너십의 목표는 해안 지역에서의 용량을 증가시키고 인수 적격성을 넓히는 것이며, Markel의 폭넓은 인수 전문성과 SageSure의 혁신적인 접근 방식을 활용하고자 합니다.
SageSure, un gestionnaire général d'assurance de premier plan pour les marchés exposés aux catastrophes, a annoncé une collaboration avec Markel (NYSE: MKL) pour renforcer son programme Expanded Markets. Le partenariat distribuera initialement les produits d'assurance de Markel en Louisiane, Caroline du Sud et Texas, avec des plans d'expansion vers d'autres États.
Cette collaboration aligne deux entreprises spécialisées dans les risques complexes et les marchés difficiles. La plateforme propriétaire de SageSure permettra aux producteurs d'estimer et de lier rapidement les produits de Markel. L'objectif du partenariat est d'augmenter la capacité et de diversifier l'admissibilité à la souscription dans les régions côtières, en tirant parti de l'expertise approfondie de Markel en matière de souscription et de l'approche innovante de SageSure pour servir des marchés difficiles.
SageSure, ein führender verwaltender Generalunterzeichner für katastrophenexponierte Märkte, hat eine Zusammenarbeit mit Markel (NYSE: MKL) angekündigt, um sein Expanded Markets-Programm zu verbessern. Die Partnerschaft wird zunächst Markels Versicherungsprodukte in Louisiana, South Carolina und Texas vertreiben, mit der Absicht, in weitere Bundesstaaten zu expandieren.
Diese Zusammenarbeit vereint zwei Unternehmen, die sich auf komplexe Risiken und herausfordernde Märkte spezialisiert haben. Die proprietäre Plattform von SageSure ermöglicht es den Produzenten, Markels Produkte schnell zu quoten und zu binden. Das Ziel der Partnerschaft besteht darin, die Kapazität zu erhöhen und die Zulassung zur Zeichnung in Küstenregionen zu erweitern, indem Markels umfassende Underwriting-Erfahrung und SageSures innovativer Ansatz zur Bedienung schwieriger Märkte genutzt werden.
- Expansion of SageSure's Expanded Markets program to include Markel's insurance products
- Increased capacity and broader underwriting eligibility in coastal regions
- Quick quoting and binding of Markel products through SageSure's proprietary platform
- Potential for expansion into additional states beyond initial launch in Louisiana, South Carolina, and Texas
- None.
Insights
This collaboration between SageSure and Markel represents a strategic move in the catastrophe-exposed insurance market. By joining forces, they're addressing a critical need in coastal regions, where finding adequate insurance coverage can be challenging. The partnership leverages SageSure's technology and market presence with Markel's underwriting expertise, potentially increasing market share and profitability for both companies.
For investors, this could signal growth opportunities in previously underserved markets. The expansion into Louisiana, South Carolina and Texas, with plans for more states, indicates a scalable business model. However, it's important to note that while this collaboration may increase revenue streams, it also exposes both companies to higher risks associated with catastrophe-prone areas. Investors should monitor how effectively they manage these risks and the impact on their financial performance over time.
The SageSure-Markel collaboration is a significant development in the property insurance sector, particularly for high-risk coastal areas. This partnership addresses the ongoing challenge of insurance availability in catastrophe-prone regions, a issue that has led to market instability and reduced coverage options for homeowners.
By combining SageSure's efficient quoting and binding platform with Markel's underwriting expertise, they're creating a more streamlined and accessible insurance solution. This could potentially stabilize local insurance markets and provide much-needed capacity. However, the success of this venture will largely depend on their pricing strategy and risk assessment accuracy in these volatile markets. Investors should watch for indicators of sustainable growth and profitability, balanced against the inherent risks of insuring catastrophe-exposed properties.
Collaboration increases capacity and broadens underwriting eligibility in coastal regions.
The collaboration represents strong alignment between Markel and SageSure, both of which specialize in delivering high-quality solutions for complex risks and challenging markets.
“SageSure Expanded Markets is natural fit for a trusted insurance provider like Markel that shares our passion for innovation and expertly tailored products,” said Dan Maloney, Vice President of Expanded Markets at SageSure. “We look forward to a lasting and rewarding collaboration, and we are excited for our producers to experience this insurance solution through our market-leading quoting and binding platform.”
A global specialty insurance provider since 1930, Markel leverages their vast underwriting knowledge to build programs for specialized risks. 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.
“We are excited to collaborate with SageSure and to be part of the continued growth of their Expanded Markets program,” said Jeff May, Executive Underwriting Officer at Markel. “We admire their commitment to serving challenging markets and look forward to being a strategic and long-term insurance provider.”
Since September 2023, SageSure Expanded Markets has been partnering with reliable third-party providers to complement the SageSure Signature product suite and to give producer partners access to more capacity. To learn more, visit sagesure.com/markel.
About SageSure
SageSure is the managing general underwriter pioneering ways people protect their American Dream. A leader in catastrophe-exposed property insurance, SageSure (CA License #0I67524, MA License #2028361, TX License #1966149) was founded in 2009 to deliver reliable products, exceptional customer experiences, and strong underwriting results in challenging insurance markets. SageSure currently operates in 14 states and provides home, flood, and commercial coverage on behalf of its highly rated carrier partners. With more than
About Markel
Markel is a leading global specialty insurer with a truly people-first approach. As the insurance operations within Markel Group Inc. (NYSE: MKL), they operate the Markel Specialty, Markel International, and Markel Global Reinsurance divisions, as well as State National, their portfolio protection and program services operations, and Nephila, their insurance-linked securities operations. Markel’s broad array of capabilities and expertise allow them to create intelligent solutions for the most complex risk management needs. However, it is their people—and the deep, valued relationships they develop with colleagues, brokers, and clients—that differentiates Markel worldwide. Coverage is underwritten by one or more insurance company subsidiaries of Markel. Certain products and services are provided through various non-admitted insurance company subsidiaries of Markel and are offered through licensed surplus lines brokers.
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Walker Sands
sagesure@walkersands.com
Source: SageSure
FAQ
What is the collaboration between SageSure and Markel (NYSE: MKL) about?
How will the SageSure and Markel (NYSE: MKL) partnership benefit coastal regions?
When did SageSure launch its Expanded Markets program?
How can producers access Markel's (NYSE: MKL) insurance products through SageSure?
