(Image source: MGAguard homepage.)
A group of industry veterans has announced the launch of MGAguard, a Fort Lauderdale, Fla.-based technology-enabled platform for specialty insurance underwriting funded by Cerberus Capital Management, L.P. (New York) and its affiliates and funds managed by TCW Asset Management Company (Los Angeles). MGAguard is a strategic initiative of Cerberus and TCW, which bought R.C.A. Insurance Group’s (RCA) assets through key acquisitions.
MGAguard, through its RBTguard program, will initially focus on the needs of the hospitality industry, specifically restaurants, bars, and taverns, according to the announcement of the firm’s debut. It will offer admitted insurance products, including property, business interruption, liquor liability, general liability, cyber liability, and employment practices liability. MGAguard reports that the RBTguard program is supported by an admitted A+ rated A.M. Best insurer.
MGAguard reports that its leadership team has more than 150 years of insurance industry expertise. The 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, 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,” comments 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.”
‘Laser-Focused’ on Needs of Neighborhood Businesses
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,” Rosa comments. “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.”