SageSure has closed a US$200 million reinsurance sidecar transaction through Seawall Re II Ltd., quadrupling the size of its Seawall Re platform in under a year.
The deal brings total capital raised through the reinsurance sidecar vehicle to US$250 million, following a US$50 million debut transaction completed in July 2025.
In conjunction with its carrier partners, SageSure programs are expected to secure approximately US$7 billion of first-event reinsurance limit in 2026.
The company manages more than US$3.2 billion in in-force premium and protects over 970,000 policyholders across 16 states, meaning the reinsurance limit represents more than twice its premium book, a reflection of the significant catastrophe exposure embedded in its coastal property portfolio.
The Seawall Re expansion is one component of a broader capital markets strategy. Earlier in March 2026, SageSure and Auros closed the US$175 million Gateway Re Series 2026-2 catastrophe bond, providing three years of multi-peril indemnity protection covering losses in Florida, Louisiana, Mississippi, New York, South Carolina, and Texas. The bond also covers secondary perils such as wildfires and severe thunderstorms.
In a previously announced transaction in February, SageSure and SURE closed the US$670 million Gateway Re Series 2026-1 catastrophe bond, the largest issuance in the franchise to date. SageSure said the bond was the first to significantly broaden the franchise's peril base beyond named storms.
Total outstanding cat bond notional limit held by SageSure-supported franchises now stands at roughly US$3 billion, making it the third-largest catastrophe bond sponsor globally.
The Seawall Re sidecar operates through a quota share structure. Carrier partners SURE, Elevate, SafeChoice, Auros, Interboro, and GeoVera Nova gain additional catastrophe capacity and reduced net risk positions, while capital providers access a diversified catastrophe risk portfolio. The roster has expanded from four carriers in the debut transaction to six.
Terrence McLean (pictured above), president and CEO of SageSure, said the company is focused on building long-term relationships with investors through transparent, data-driven access to underwriting results.
"We look forward to continuing to build investor trust with high-quality data, proactive reporting, and sustained outperformance," McLean said.
SageSure's sidecar push comes amid a broader surge in the asset class. AM Best has estimated the outstanding reinsurance sidecar market at between US$16 billion and US$18 billion, representing growth of 183% from the US$5 billion to US$7 billion range estimated in 2023.
Willis Re has noted that sidecars are increasingly viewed as an attractive capital sourcing tool for managing general agents specifically, and expects such structures to become more influential over the medium term.
