MGT Insurance, an AI-driven commercial neo-insurer, has announced the launch of its new surplus lines (E&S) company.
This expansion enhances MGT’s ability to support the 35 million small businesses across the U.S. while reinforcing its mission as the first AI-enabled neo-insurer.
The launch of the offering, known as MGT Specialty, is driven by the company’s commitment to serving small businesses and their brokers across the country.
With the increasing need for flexible insurance solutions, MGT aims to provide broader market reach and better coverage for underserved businesses, addressing risks that are difficult to insure through traditional means.
MGT Insurance leverages cutting-edge artificial intelligence to streamline underwriting and claims processes, making insurance more accessible for small businesses.
The company’s technology-driven approach enables faster decision-making, personalised coverage, and improved efficiency for brokers and business owners alike.
The new product will extend the company’s capabilities by offering enhanced flexibility through customised solutions for unique and hard-to-place risks.
This ensures that innovation remains at the forefront of MGT’s operations, allowing it to better support its broker partners and small business customers.
The E&S market exceeded $95bn in premiums in 2024, with an 11% year-on-year growth, demonstrating a strong demand for alternative insurance solutions. By entering this space, MGT aims to harness technology and data-driven insights to improve service for business owners and brokers.
As part of this expansion, MGT Insurance has appointed industry veteran Chad Nitschke as general manager of MGT Specialty.
Nitschke brings extensive experience from leading insurance and InsurTech companies, making him well-positioned to drive the success of this new division.
His previous roles include senior vice president of digital strategy & execution at Hiscox, leadership at Vouch Specialty, and founder and CEO of Bunker, an InsurTech focused on small businesses. Earlier in his career, he held key roles at Travelers, Axis, and CUNA Mutual, gaining deep expertise in underwriting and insurance markets.
MGT Insurance co-CEO and co-founder Graham Topol said, “The launch of MGT Specialty is a pivotal moment in our journey to insure small businesses. We have been working on this for some time and are pleased to finally bring it to light. Chad’s unparalleled expertise and vision make him the ideal leader to drive this effort. Together, we’re creating new opportunities to serve entrepreneurs and business owners across America.”
Nitschke added, “I’m thrilled to join MGT and lead the launch of MGT Specialty. The E&S market represents a tremendous opportunity to deliver flexible, data-driven solutions that capture significant market opportunities. I look forward to working with our broker partners to advance MGT’s mission of serving the small businesses that power our economy.”
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