Established last year, SAGE Program Underwriters offers specialist insurance products to niche industries like inland delivery, and field sport sectors
SAGE Program Underwriters secures investment from BP Marsh. (Credit: Tumisu from Pixabay)
B.P. Marsh and Partners (BP Marsh), a private equity investor focused on financial services businesses, has agreed to acquire a 30% stake in US-based SAGE Program Underwriters.
Established last year, SAGE Program Underwriters offers specialist insurance products to niche industries. Initially, the company is focusing on industries in the inland delivery, and field sport sectors.
The investment from BP Marsh is expected to help the insurance firm in achieving its current and long-term goals.
The Oregon-based company was founded by Chuck Holdren, who is said to have more than 30 years of experience in the insurance sector. Before founding SAGE Program Underwriters, he established and managed two national underwriting agencies from start-up to trade sale.
BP Marsh chief investment officer Dan Topping 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.”
Prior to making the investment, BP Marsh is said to have evaluated the potential impact of the coronavirus pandemic on the insurance firm.
The private equity firm said that the insurer is well placed to trade through the pandemic as its focus has been mainly on the inland delivery sector, which is a business segment that has continued to operate even during the Covid-19 lockdown.
SAGE Program Underwriters CEO comments on the investment from BP Marsh
SAGE Program Underwriters CEO Chuck Holdren said: “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.
“Our partnership with B.P. Marsh will position SAGE to be the leading insurance provider for the industries we serve.”