SageSure, the specialist catastrophe-exposed property managing general underwriter (MGU), has sponsored its debut reinsurance sidecar transaction under Seawall Re Ltd., securing $50 million of third-party retro support from investors for its captive reinsurance vehicle Anchor Re.Seawall Re Ltd.is a Bermuda-based special purpose insurer (SPI) that has been established for use as a reinsurance sidecar structure for SageSure and its underwriting entities.The $50 million of third-party capital secured through the debut transaction under Seawall Re, will provide SageSure and Anchor Re with additional reinsurance capacity from investors that are looking to partner with the company on its underwriting performance.

The Seawall Re sidecar marks an expansion of SageSure’s activities in the capital markets, as the company has already become that protect a range of its associated underwriting entities.“SageSure is excited to continue diversifying capacity solutions that support our growing underwriting operations in catastrophe-exposed markets,” Terrence McLean, President and CEO of SageSure explained.“The sidecar provides extra protection for Anchor Re and our carrier partners while directly connecting third-party capital to a stable risk profile expected to generate positive returns.

We are grateful for the strong investor support for this transaction.” SageSure said that, with the Seawall Re sidecar, it has developed, “an efficient way for capital market investors to participate in its profitable underwriting results driven by industry-leading catastrophe risk underwriting, claims, and portfolio management.” SageSure produces insurance business for its multiple carrier partners, that in turn cede risk to Anchor Re.The company said that this results in an, “attractive and stable catastrophe risk profile already insultated by quota share and catastrophe excess of loss (XOL) agreements with Anchor Re.” Anchor Re also benefits from some of the cat bond program’s protection.Seawall Re has been structured using a “losses occurring during” (LOD) quota share structure, the company explained.

This first $50 million sidecar transaction under Seawall Re provides Anchor Re with retrocessional protection for the 2025-2026 treaty year.Because of the structure of the SageSure underwriting enterprise and related entities, the Seawall Re sidecar provides protection to four of its carrier partners, SureChoice Underwriters Reciprocal Exchange, SafeChoice Insurance Company, Auros Reciprocal Insurance Exchange and Elevate Reciprocal Exchange, each of which are also beneficiaries to certain of the Gateway Re cat bond transactions.“The inaugural Seawall Re sidecar transaction is a significant milestone in our partnership with SageSure,” Travis Lewis, Director of Anchor Re commented.

“SageSure’s diligent underwriting and portfolio management have resulted in an appealing risk profile we believe is difficult to replicate.We’re grateful for the investor trust in our growth and success.” GC Securities provided sole structuring and placement agent services for the debut Seawall Re sidecar transaction.“We’re proud to have supported SageSure and Anchor Re in the debut Seawall Re sidecar issuance,” Liam Martens, Managing Director of GC Securities said.

“The strong execution signals that SageSure’s differentiated catastrophe risk underwriting and portfolio management approach resonates with investors.” .All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.