Jersey City-based SageSure, the nation’s largest residential property Managing General Underwriter (MGU) specializing in catastrophe-exposed markets, on Monday announced it completed its acquisition of Gemini Financial Holdings Corporation and its Olympus subsidiaries.
The deal, which officially closed on Jan. 2, represents a pivotal expansion of SageSure’s Florida strategy. By absorbing Olympus—a premier underwriting franchise in the state—SageSure significantly scales its presence in the high-growth “mass-affluent” homeowners segment.
The acquisition consolidates SageSure’s position as a dominant force in the complex Florida insurance landscape. The combined entity now manages:
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Policies: ~130,000 in-force policies.
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Premium: ~$700 million in gross written premium (GWP).
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Distribution: A robust network of ~1,500 independent agents across Florida.
As part of the structured transaction, Valence Insurance Holdings (the parent company of SageSure’s existing carrier partners Auros and Interboro Insurance) has acquired Olympus Insurance Company.
The acquisition is strategically designed to capitalize on Olympus’s recent shift toward the mass-affluent market—a demographic of homeowners with higher-value assets and specialized coverage needs (typically defined as households with $100,000 to $1 million in liquid assets).
“This milestone enables our businesses to leverage complementary capabilities and drive growth in the mass-affluent homeowners segment,” Terrence McLean, president and CEO of SageSure said. “Together, we’ll continue to deliver market-leading, highly differentiated solutions for our customers.”
The transaction comes at a time of relative stabilization in the Florida property insurance market following significant legislative reforms in 2023. While the market remains “catastrophe-exposed,” increased capacity and improved litigation environments have made Florida an attractive target for disciplined underwriters.
Olympus has been recognized for its elite repair program and specialized coverage offerings tailored to premium properties. Tim Stroble, CEO of Olympus Insurance, noted that SageSure’s innovative risk underwriting was a primary draw: “With SageSure’s support, we look forward to continuing to exceed customer expectations and accelerate our growth in the evolving Florida market.”
To support the acquisition, SageSure expanded its existing debt facility with long-standing partner Ares Management.
Advisors to SageSure: Goldman Sachs & Co. LLC (Financial) and Willkie Farr & Gallagher LLP (Legal);
Advisors to Gemini Financial: Evercore Group L.L.C. (Financial) and Eversheds Sutherland LLP (Legal)..
