MGT Partners has initiated the launch of MGT Insurance through the acquisition of CM Select from Church Mutual, a prominent insurer of religious organisations in the US.
The acquisition, contingent upon regulatory approval, marks the establishment of MGT Insurance, a new tech-enabled risk solutions platform succeeding CM Select. The platform will primarily concentrate on the commercial property and casualty (P&C) market.
As stated in the announcement, MGT aims to enhance its offerings of Business Owners Policy (BOP) and package products, extending beyond religious and nonprofit sectors to include businesses owned by veterans and minorities. The transaction details were not disclosed, and the legal representation included Godfrey & Kahn, S.C. for Church Mutual, while MGT was represented by Willkie Farr & Gallagher LLP and KPMG.
Established in 2017, CM Select operates as an insurance carrier specialising in offering commercial property and casualty (P&C) insurance to smaller religious and non-profit organisations. With a digital-first interface, CM Select’s distribution channels include third-party brokers and agents affiliated with Church Mutual.
Church Mutual Insurance Company, S.I., was founded in 1897, and offers specialised insurance for religious organisations of all denominations, public and private K-12 schools, colleges and universities, senior living facilities, secular and non-secular camps and conference centres, and nonprofit and human services organizations throughout the US.
Michael Topol, co-founder and co-CEO, explained: “In launching MGT Insurance, we are ushering in the next evolution of commercial property and casualty insurance.
“We’re building MGT to simplify insurance for small to medium-sized businesses with a focus on underserved policyholders. We look forward to working with the amazing team at CM Select, continuing the great work they’re doing, and helping more people get the insurance they need.”
“Our leadership and Board of Directors were highly focused on finding the right long-term partner to continue to invest in and grow CM Select,” said Rich Poirier, CEO of Church Mutual. “We are very impressed by MGT’s vision, the team they have assembled, and their partners and investors. MGT will be an excellent steward of CM Select and we look forward to a very successful partnership.”
“Our mission behind MGT Insurance is simple – we want to make commercial P&C insurance easy and efficient by leveraging data and technology to eliminate unnecessary steps and streamline the process on the back end,” said Graham Topol, co-founder and co-CEO of MGT Insurance. “We’re creating a better insurance experience for our sales partners and policyholders, and protecting what matters most to business owners across the U.S.”
“We’re creating a better insurance experience for our sales partners and policyholders, and protecting what matters most to business owners across the US.”
Poirier added: “We are very impressed by MGT’s vision, the team they have assembled, and their partners and investors. MGT will be an excellent steward of CM Select and we look forward to a very successful partnership.”
Source: Businesswire
