MGT, an AI-native neo-insurer focused on commercial property and casualty insurance for small businesses, has expanded into California as insurers reassess their presence in the state’s market.
The expansion comes as California businesses face a tighter insurance market, with traditional carriers reducing their appetite for some risks. The state’s FAIR Plan, which acts as an insurer of last resort, had 697,000 policies in force as of June 2026, representing $768bn in exposure across dwelling and commercial lines.
MGT is targeting the gap with an AI-driven underwriting model that assesses individual commercial properties rather than applying broad restrictions across geographic areas. The insurer uses property, geospatial and wildfire data to evaluate each location and determine whether to write the risk.
According to MGT, its technology allows it to assess complex property and risk data at a fraction of the usual cost. The company said this enables it to continue considering individual small-business accounts in markets where traditional carriers face higher operating costs and technology constraints.
The California launch is being supported by additional resources from MGT, including market-specific materials and weekly webinars for businesses and agents covering insurance options and risk management.
MGT’s products will be available through its digital platform and appointed agent network in California. The expansion takes the insurer’s footprint to 43 states plus Washington, D.C.
The company operates across both admitted and excess and surplus (E&S) markets and holds an “A-” financial strength rating from AM Best.
MGT co-founder and co-CEO Graham Topol said, “Small businesses are the backbone of the U.S. economy and help keep the American Dream alive. Given that California represents 14% of the domestic market, it is essential to the success of our mission to insure America’s small businesses. At MGT, our combination of proprietary AI technology, admitted paper and A- AM Best rating allows us to step in as a reliable partner where legacy carriers won’t or can’t provide coverage.”
MGT VP of revenue Jack Ramsey also commented, “California agents have spent too long navigating legacy hurdles and cumbersome underwriting. We’re finally flipping the script, giving our agency partners the speed, reliability, and modern tech they need to move as fast as their clients do. This launch opens a critical door for our distribution partners, ensuring that California’s entrepreneurs can finally access the comprehensive, rapid protection they’ve been waiting for.”
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