New product addresses critical capacity gap amid retrenching market.

SureChoice Underwriters Reciprocal Exchange (SURE), a policyholder-owned coastal insurer, in partnership with SageSure, one of the largest managing general underwriters focused on catastrophe-exposed markets, today announced the launch of its surplus lines homeowners insurance in California, making SURE one of the first Demotech-rated insurers in the state to offer this product. SURE has earned a Financial Stability Rating^® of A, Exceptional, from Demotech, Inc., a nationally recognized statistical rating organization specializing in evaluating the financial stability of independent, regional, and specialty insurers.

SURE’s product arrives at a crucial time for the California home insurance market. As seven of the state’s largest insurers restrict coverage or retrench due to wildfire risk, the demand for private-market capacity is high.

“California’s residual market has nearly doubled in recent years, illustrating the gap left by private insurers and the need for financially stable, reliable coverage options,” said Ed Konar, President of SURE. “SURE was built to bring innovative solutions where they are needed most. We look forward to serving this state for years to come.”

Underwritten and distributed by SageSure, SURE’s surplus lines homeowners product accommodates an expanding segment of high-quality business in a region with limited standard market options. While the E&S market is rapidly growing across the US, it has seen the most significant growth in California.

“SageSure’s producer partners are on the front lines of a rapidly changing market, and our role is to help them succeed despite the volatility,” said Terrence McLean, CEO of SageSure. “SageSure has served the California market since 2013 and is uniquely positioned to respond to the strong demand for both Demotech-rated capacity and surplus lines solutions in the state. Our partnership with SURE and our expertise in catastrophe-exposed markets enable us to develop the products our producers want to sell.”

Demotech has been the financial analysis firm of choice for regionally focused and specialty insurers since it became the first to review and rate independent, regional, and specialty insurers in 1989. With this new product, SURE is one of the first Demotech-rated carriers to offer surplus lines homeowners in the California market, joining nearly 80 licensed Demotech-rated carriers serving the needs of Californians.

“Demotech is proud to leverage our experience and capabilities to identify financially stable insurers to assist consumers in California,” said Joseph L. Petrelli, Co-founder and President of Demotech. “For four decades, Demotech has been the trusted financial analysis firm for independent insurers that serve challenging regions. We are excited to see SURE and SageSure bring their substantial expertise and experience to this market and to demonstrate the national scope of carriers securing Demotech’s Financial Stability Ratings^®.”

About SURE

SURE is the member-owned insurance company for reliable coastal property protection. Founded in 2021, SURE is managed by a team of experienced and passionate insurance leaders who believe in building a safer world, one coastal property at a time. With more than 180,000 policyholders and more than $520 million of inforce premium to date, SURE has grown rapidly to meet the needs of challenging markets while prudently managing exposure. As the first Texas-domiciled reciprocal since 2004, SURE is customer-focused by design and offers homeowners, dwelling fire, flood, and commercial coverage through an exclusive partnership with SageSure. SURE is rated A, Exceptional, by Demotech, Inc. and is currently available in Alabama, California, Florida, Louisiana, Mississippi, North Carolina, South Carolina, and Texas. To learn more, visit sureins.com.

About SageSure

SageSure is the managing general underwriter pioneering ways people protect their American Dream. A leader in catastrophe-exposed property insurance, SageSure 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 $1.4 billion of inforce premium, 500,000 policyholders, and 670 employees across the country, SageSure is the largest residential property insurance MGU in the US. To learn more, visit sagesure.com.

About Demotech

Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of independent, regional, and specialty insurers. Demotech was the first to review and rate these insurers (1989). Demotech’s consistently increasing list of accreditations and acceptances, including its registration with the United States Securities and Exchange Commission Office of Credit Ratings as a nationally recognized statistical rating organization in the classification of Insurance Companies, has resulted in rating and reviewing 450 insurers operating in the US.

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