MGT Partners LLC, a privately owned organization backed by experienced insurance executives and investors, announced today that it has acquired CM Select Insurance Company (CM Select) from Church Mutual Holding Company Inc. (Church Mutual), a leading insurer of religious organizations in the U.S.
Subject to approval of regulatory filings, CM Select will be rebranded as MGT Insurance and operate as a tech-enabled risk solutions platform focused on the commercial property and casualty (P&C) market. MGT is providing further resources to expand its offering of BOP and package products to classes beyond religious and nonprofits, including veteran and minority-owned businesses. Additionally, MGT is focused on continuing to enhance the sales and customer experience.
“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.”
“In launching MGT Insurance, we are ushering in the next evolution of commercial property and casualty insurance,” said Michael Topol, co-founder and co-CEO. “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.”
Founded in 2017, CM Select is an insurance carrier that provides commercial property and casualty insurance to smaller religious and non-profit organizations. CM Select has a digital-first interface and distributes through third-party brokers and Church Mutual agents. The company’s innovative platform is simple, easy to use, and designed to help brokers and customers increase efficiencies and eliminate pain points to get the coverage 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.”
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.
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