MGT Partners, a privately owned organisation backed by experienced insurance executives and investors, has acquired CM Select from Church Mutual, a leading insurer of religious organisations in the US.
The completed acquisition marks the launch of MGT Insurance, the new name for CM Select. The new tech-enabled risk solutions platform will focus on the commercial property and casualty (P&C) market.
According to the announcement, MGT will provide further resources to expand its offering of BOP and package products to classes beyond religious and nonprofits, including veteran and minority-owned businesses.
Terms of the transaction were not disclosed. Church Mutual was represented by Godfrey & Kahn, S.C. MGT was represented by Willkie Farr & Gallagher LLP and KPMG.
Graham Topol, co-founder and co-CEO of MGT Insurance, said: “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.
“We’re creating a better insurance experience for our sales partners and policyholders, and protecting what matters most to business owners across the US.”
Michael Topol, co-founder and co-CEO, added: “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.”
CM Select was founded in 2017 as an insurance carrier that provides commercial P&C insurance to smaller religious and non-profit organisations. CM Select has a digital-first interface and distributes through third-party brokers and Church Mutual agents.
“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.”
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