IAP Acted As Exclusive Financial Advisor To GeoVera Insurance Holdings, Ltd. On The Sale Of Its Insurance Carriers And MGA
On April 9, 2024, GeoVera Insurance Holdings, Ltd. (“GeoVera”), a leading provider of specialty property insurance focused on catastrophe-exposed properties in the earthquake and wind markets, announced the sale of its insurance carriers and MGA. GeoVera’s insurance carriers will combine with SafePort Insurance Company (“SafePort”), a provider of homeowners, dwelling fire, and commercial coverage through SageSure, SafePort’s exclusive program manager since 2016. This combination will create a newly formed entity named GeoVera Nova Holdings, Inc. Additionally, GeoVera will simultaneously sell its MGA operations to SageSure, an MGA specializing in coastal residential and commercial property insurance. GeoVera Nova will become a carrier partner of SageSure.
Insurance Advisory Partners acted as exclusive financial advisor to GeoVera in connection with these transactions.