GeoVera Combining Carriers with SafePort to Create GeoVera Nova Holdings

GeoVera Insurance Holdings entered into a definitive agreement to sell its insurance carriers and managing general agent businesses.

Upon completion of the deals, a newly formed entity, GeoVera Nova Holdings Inc., will control four insurance operating subsidiaries: GeoVera Insurance Co., GeoVera Specialty Insurance Co., Coastal Select Insurance Co., and SafePort Insurance Co., a property-focused insurance carrier.

Additionally, the MGA operations of GeoVera will be acquired by SageSure, one of the an MGA focused on catastrophe-exposed markets, and GeoVera Nova will become a carrier partner of SageSure.

As part of the transaction, GeoVera’s existing investors, including Flexpoint Ford, New Capital Partners, and AXA XL, will exit as shareholders.

The transaction is expected to close in the fourth quarter of 2024, subject to the receipt of required regulatory approvals and other customary closing conditions.

GeoVera is a provider of specialty property insurance products focused on catastrophe-exposed properties in the earthquake and wind markets, operating on both an admitted and surplus lines basis. GeoVera is headquartered in Fairfield, California, with offices in Sheboygan, Wisconsin, Jacksonville, Florida and Tampa, Florida.

SafePort has a reported 50,000 policyholders and more than $165 million of premium. SafePort offers homeowners, dwelling fire, and commercial coverage through SageSure, SafePort’s program manager. SageSure is an MGA specializing in coastal residential and commercial property insurance.