SageSure and GeoVera Nova Close $200 Million Catastrophe Bond, First Issuance from Meritage Re

The inaugural catastrophe bond issuance in the series generated high investor demand, securing named storm coverage below initial pricing guidance.

FAIRFIELD, Calif.--(BUSINESS WIRE)--SageSure Holdings, LLC (“SageSure”), the largest residential property MGU in the US specializing in catastrophe-exposed markets, and GeoVera Nova Holdings, Inc. (“GeoVera Nova”), a leader in earthquake, wind, and residential and commercial property insurance solutions, today announced the successful close of the inaugural Meritage Re Ltd. Series 2026-1 catastrophe bond at $200 million. The bond was met with strong investor demand, allowing the transaction to price significantly tighter than initial guidance.

In addition to being the first issuance from Meritage Re, a newly established Bermuda special purpose vehicle, it is also the first US named storm catastrophe bond for the three ceding companies GeoVera Nova oversees. It will provide protection for SageSure’s carrier partners GeoVera Insurance Company, GeoVera Specialty Insurance Company, and Safeport Insurance Company against certain US named storm losses over a three-year period.

“We are grateful for the strong investor response to the first Meritage Re issuance. This catastrophe bond supports the growth of GeoVera Nova’s insurance companies to meet the continued demand for our differentiated solutions,” said John Forney, President and CEO of GeoVera Nova. “By leveraging capital markets for hurricane protection, we are further diversifying our reinsurance program and strengthening our ability to provide stable, reliable capacity in catastrophe-prone regions.”

“We are pleased to see the ILS market’s confidence in the GeoVera Nova and SageSure partnership,” said Terry McLean, President and CEO of SageSure. “Capital markets continue to enhance the resilience of our programs and position our carrier partners for long-term stability and success.”

Swiss Re Capital Markets Corporation acted as the sole structuring agent and bookrunner for the transaction.

“Strong investor interest for the Meritage Re issuance led to pricing well below the initial guidance,” said Jean-Louis Monnier, CEO of Swiss Re Capital Markets Corporation. “This transaction highlights the market’s recognition of the quality of GeoVera Nova's portfolio and its confidence in SageSure's underwriting and claims handling platform.”

About SageSure

SageSure is the largest residential property MGU 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 more than 970,000 policyholders, and manages more than $3.2 billion of inforce premium. For more information, visit sagesure.com.

About GeoVera Nova

GeoVera Nova oversees the strategic growth and management of four property insurance subsidiaries: GeoVera Insurance Company, GeoVera Specialty Insurance Company, Coastal Select Insurance Company, and SafePort Insurance Company. GeoVera Nova’s insurance companies maintain a Financial Strength Rating of “A” (Excellent) from AM Best and specialize in protecting catastrophe-exposed properties in earthquake and wind markets. Led by an experienced management team with a track record of driving capital efficiency and strong performance, GeoVera Nova is headquartered in Fairfield, California. For more information, visit geoveranova.com.