MGT, an AI-native neo-insurer focused on commercial property and casualty cover for small businesses, has expanded into California as traditional insurers reduce their presence in the state’s small-business market.
The move puts MGT into one of the largest small-business insurance markets in the US at a time when coverage options are becoming more constrained. California’s FAIR Plan, the state’s insurer of last resort, had 697,000 policies in force as of June 2026, representing $768bn in total exposure across dwelling and commercial lines.
For MGT, the market presents an opportunity to apply its AI-driven underwriting model to individual commercial risks. The company uses property, geospatial and wildfire data to assess locations individually, allowing it to select and write individual small-business accounts rather than retreating from entire regions.
The insurer’s approach is built around reducing the cost of assessing each risk. MGT said its technology allows it to evaluate complex property and risk data at a fraction of the usual cost, which it believes can support underwriting in markets where traditional carriers face higher operating costs and legacy technology constraints.
MGT is putting additional resources behind the California launch, including tailored materials and weekly webinars intended to help businesses and agents understand coverage options and manage their risks.
The expansion also comes as MGT continues to develop its vertical AI technology stack. The company combines data and technology across the insurance journey, from collecting information about a risk through to issuing a policy, with the aim of reducing a process that previously took weeks to minutes.
MGT’s products will be available through its digital platform and appointed agent network in California, taking 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 added, “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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