BP Marsh takes 30% stake in specialist insurance MGA Sage

Insurance investment firm BP Marsh and Partners has acquired a 30 percent shareholding in Sage Program Underwriters for an equity consideration of $250,000.

BP Marsh has agreed to subscribe for cumulative preferred ordinary shares in Sage. The private equity firm believes that Sage is "well positioned" to trade through COVID-19.

In addition to the equity consideration, the company will provide a loan facility to Sage of $250,000 (£200,000). This facility will be utilised by Sage to drive future growth in line with its the agreed business plan.

Based in Oregon, and established in 2019 by CEO Chuck Holdren, Sage provides specialist insurance products to niche industries, initially in the inland delivery and field sport sectors.

Holdren has over three decades of experience in the insurance industry. Prior to establishing Sage, he founded and managed two national underwriting agencies from start-up to successful trade sale. He has also worked in senior management roles across the insurance sector. During his career, Holdren has designed and implemented numerous underwriting programmes for niche insurance sectors.

Dan Topping, chief investment officer of BP Marsh, said: "We are pleased to be investing in Sage, and we look forward to developing a successful partnership with Chuck and his team. He has a fine reputation for providing solutions to particular sectors which were previously underserved in the Workers Compensation insurance market.

"The specialist nature of Sage within the insurance sector corresponds with our investment approach in seeking partnerships with skilled management teams."

Chuck Holdren, Sage CEO, commented: "We are thrilled to have BP Marsh as a partner in SAGE to help support our current and long-term goals. In addition to the financial investment, the team at B.P. Marsh brings a significant amount of insurance experience, expertise, and relationships. This allows SAGE to develop new programs, coverages and talent that we have already identified that will position us to be the leading insurance provider for the industries we serve."