A division of Sompo International Holdings Ltd formed a partnership that allows it to offer its insurance products and services to golf courses and country clubs. A new technology-enabled MGA platform has launched with a focus on offering specialty insurance products.
MGAguard, a new technology-enabled platform funded by Cerberus Capital Management, L.P. and its affiliates and funds managed by TCW Asset Management Co., has launched with a focus on offering specialty insurance products.
MGAguard, through its RBTguard program, will initially target 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. Agents can become appointed through the MGAguard website.
MGAguard is a strategic initiative of Cerberus and TCW, which bought R.C.A. Insurance Group’s (RCA) assets through key acquisitions.
MGAguard is backed by 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.
MGAguard is headquartered in Fort Lauderdale, Fla., and offering products nationwide. Additionally, MGAguard offers loss prevention and curated claims services.
Sompo International Holdings Ltd said that its Sompo Global Risk Solutions unit is partnering with VGM Insurance & Financial Solutions to offer its insurance products and services to golf courses and country clubs.
Sompo GRS will offer products including its property, primary casualty, lead umbrella, auto, workers compensation, and environmental coverage along with VGM’s specialized risk management services to golf club owners and managers across the U.S. through retail insurance agents and brokers serving these niche markets.
The partnership targets golf facilities of all types and sizes including public, private and semi-private golf courses and country clubs as well as daily fee courses and golf management companies.
Sompo GRS will individually underwrite each account.
Sompo GRS offers comprehensive multi-line capabilities targeted to accounts in select industry verticals including hospitality, real estate, life sciences, financial institutions and professional services, in addition to Japanese and South Korean companies with operations in the U.S. and Mexico.
VGM works through a network of retail agents and brokers to help club owners and managers reduce costs, address operational concerns and manage risks.
Sources: Sompo International Holdings, MGAguard