SageSure, a managing general underwriter known for its focus on catastrophe coverage, is making a move into the Florida insurance market by acquiring Olympus Insurance’s managing general agent. This deal involves several players, including carrier partners and holding companies, and was announced earlier this week.
At the same time, Valence Insurance Holdings—the parent company of SageSure’s carrier partners Auros and Interboro—is taking ownership of Olympus Insurance itself. Both Valence and SageSure operate under the same parent company, Slaine Holdings, which gives this transaction a unique structure. The exact financial details were not shared.
Olympus Insurance is based in Jacksonville, Florida, and has been licensed in the state since 2007. The company holds roughly 80,200 policies, mostly covering higher-end homeowners. These policies come with some of the highest average home insurance premiums in Florida—about $5,635 as of the first quarter of this year. That’s a sharp rise of 53% from late 2022, reflecting shifts in the state’s insurance environment.
SageSure sees this acquisition as a way to strengthen its footprint in Florida, a market showing signs of improvement. After the deal closes, the combined companies will manage more than 130,000 policies in the state, with gross written premiums around $700 million. SageSure itself operates in 16 states and currently holds over 850,000 policies nationwide, with $2.5 billion in premiums.
The acquisition also includes Olympus’ captive reinsurer, Radiant Ltd., which is moving under Valence, while SageSure takes over Gemini Financial Holdings Corp. and its related businesses, including Olympus MGA. Olympus has been known for its “full-stack Florida” business model, which means it handles everything from being a carrier to managing general agents, claims adjusting, and reinsurance—all in-house.
Tim Stroble, who became Olympus’ CEO earlier this year, will stay on after the acquisition along with the rest of his team. Stroble emphasized the company’s commitment to delivering a strong insurance experience, highlighting that same goal with SageSure.
SageSure’s president and CEO, Terrence McLean, praised Olympus for its disciplined approach and success in Florida’s tough market, noting the company thrived even before recent changes in Florida’s insurance laws.
This move follows SageSure’s earlier acquisition of GeoVera Advantage Insurance Services in January, signaling its ongoing effort to grow in competitive markets like Florida. With this deal, SageSure and its related companies are positioning themselves strongly in a state known for its high-risk weather and a challenging insurance landscape.