This acquisition signals a significant expansion for MGT Partners, enabling MGT Insurance to broaden its service offerings beyond religious and non-profit sectors. The company is set to enhance its portfolio of Business Owner’s Policy (BOP) and package products to encompass a more diverse clientele, including veteran and minority-owned businesses. This move underscores MGT Partners’ commitment to fostering inclusivity and providing tailored insurance solutions to underserved markets.
While the financial details of the transaction remain undisclosed, it is confirmed that Church Mutual enlisted the legal expertise of Godfrey & Kahn, S.C., while MGT Partners was advised by Willkie Farr & Gallagher LLP and KPMG, highlighting the involvement of top-tier advisors in this significant industry development.
Graham Topol, Co-founder and Co-CEO of MGT Insurance, articulated the company’s vision, stating, “Our core mission at MGT Insurance is to simplify and enhance the commercial P&C insurance experience. We are leveraging the power of data and technology to remove unnecessary complexities and create a more streamlined, efficient process for everyone involved.”
He further emphasized the customer-centric approach, “We are dedicated to forging a superior insurance journey for our valued sales partners and policyholders. Ultimately, our goal is to safeguard what is most important to business owners throughout the US, ensuring they have the protection they need.”
Michael Topol, also Co-founder and Co-CEO, added to this sentiment, “The launch of MGT Insurance represents a pivotal moment in the evolution of commercial property and casualty insurance. MGT Partners is committed to building a platform that simplifies insurance for small to medium-sized businesses, particularly those policyholders who have been traditionally underserved.”
He concluded, “We are excited to collaborate with the exceptional team at CM Select. We aim to build upon their remarkable achievements and extend our reach to assist even more businesses in securing the essential insurance coverage they require.”
CM Select, established in 2017, has carved a niche as an insurance carrier specializing in commercial P&C insurance for smaller religious and non-profit organizations. Known for its digital-first approach, CM Select distributes its products through a network of third-party brokers and Church Mutual agents.
Rich Poirier, CEO of Church Mutual, commented on the strategic alignment, “Our leadership and Board of Directors were highly selective in identifying a long-term partner who would continue to invest in and nurture the growth of CM Select. We are deeply impressed with MGT Partners’ vision, the caliber of their team, and the strength of their partners and investors. We are confident that MGT Partners will be an exemplary steward of CM Select, and we anticipate a highly successful and enduring partnership.”
This acquisition by MGT Partners and the subsequent launch of MGT Insurance mark a noteworthy development in the commercial P&C insurance sector. By focusing on technological innovation and expanding service offerings to encompass a broader range of businesses, particularly those underserved, MGT Insurance, backed by MGT Partners, is poised to make a significant impact on the market and enhance the insurance experience for businesses across the United States.
