FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Industry veterans today announced the launch of MGAguard, an innovative, technology-enabled platform for specialty insurance underwriting that is funded by Cerberus Capital Management, L.P. and its affiliates (collectively “Cerberus”) and funds managed by TCW Asset Management Company (“TCW”).
MGAguard, through its RBTguard program, will initially focus on the needs of the hospitality industry, specifically restaurants, bars, and taverns. It will offer admitted insurance products, including property, business interruption, liquor liability, general liability, cyber liability, and employment practices liability. The RBTguard program is supported by an admitted A+ rated A.M. Best insurer.
MGAguard commences operations with a leadership team with more than 150 years of insurance industry expertise. The executive team is led by Lee Wilson, Executive Chairman; David Hampson, Chief Strategy Officer; Kevin Littlejohn, Chief Operating Officer; Gex Richardson, Chief Administrative Officer; and Mike Rosa, Managing Director of Underwriting.
As Chief Strategy Officer, Mr. Hampson is responsible for setting the vision, direction, and go-to-market plan for MGAguard. Prior to joining the company, he built a successful $400 million managing general agent (MGA) business. He joins the team with 40 years of overall risk management and insurance experience, and nearly three decades focused on specialty insurance program underwriting.
“When it comes to specialty insurance underwriting, MGAguard is doing things differently,” said Mr. Hampson. “We have gathered an experienced team funded by Cerberus and TCW to deliver innovative products that will be offered through technology-enabled services and industry best practices.”
Mr. Rosa will lead the RBTguard program. He has 26 years of insurance experience focused in the hospitality industry and was previously a principal of R.C.A. Insurance Group (RCA), a second-generation family business founded in 1981.
“RBTguard is laser-focused on serving the needs of neighborhood pubs, hometown taverns, sports bars, and bar and grills by offering a single-source for a broad range of innovative insurance products backed by digital technology,” said Mr. Rosa. “Inherent in our go-to-market plan is the desire to do things differently and deliver an optimal customer experience without compromising reliability and security.”
MGAguard is a strategic initiative of Cerberus and TCW, which bought R.C.A. Insurance Group’s (RCA) assets through key acquisitions.
About MGAguard
Headquartered in Fort Lauderdale, Florida, MGAguard offers a new, innovative approach to specialty insurance underwriting. The company’s ethos, “Where Insurance Expertise Meets Technology Innovation,” focuses on delivering an exceptional customer experience. Funded by affiliates of Cerberus Capital Management, L.P. and funds managed by TCW Asset Management Company, MGAguard leverages 150-plus years of insurance industry expertise, offering a broad range of admitted products, including property, business interruption, liquor liability, general liability, cyber liability, and employment practices liability. All insurance products are supported by an admitted A+ rated A.M. Best insurer. Additionally, MGAguard offers proactive loss prevention and curated claims services. MGAguard’s RBTguard is the first of several programs and focuses on the specific needs of the hospitality market, including restaurants, bars, and taverns. For more information, visit www.mgaguard.com.
