MGT Defies Market Exit: AI Neo-Insurer Expands Small Business Coverage in California

MGT, the leading AI-native neo-insurer modernizing P&C commercial insurance for small businesses and their agents, today announced its expansion to California, bringing its property and casualty insurance products to one of the country’s largest and most underserved small-business markets.

California’s constrained insurance market has left many small businesses with fewer options for coverage. As of June 2026, California's FAIR Plan, known as the insurer of last resort, has reached 697,000 total policies in force and $768B in total exposure across dwelling and commercial lines. As legacy carriers exit the state, hampered by outdated systems and high costs, MGT’s underwriting model allows it to evaluate risk at a fraction of the traditional cost while using property, geospatial and wildfire data to assess individual locations, giving the company greater ability to selectively write small commercial accounts rather than broadly restricting entire geographies.

“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,” said Graham Topol, Co-Founder and Co-CEO at MGT.

“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,” Topol added.

MGT is committing resources to serve California, including offering customized resources and weekly webinars to guide businesses and their agents across the U.S. in selecting the right coverage and managing risk effectively.

“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,” said Jack Ramsey, VP of Revenue at MGT.

“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,” Ramsey continued.

MGT is doubling down on its vertical AI tech stack to bridge the gap between complex underwriting and a seamless user experience. This expansion into California cements MGT’s role as the leading AI neo-insurer dedicated to hyper-efficient small business coverage.

MGT’s products are available via its digital platform through its appointed agent network in California, extending its national reach to 43 states and Washington D.C. To request a quote, visit mgtinsurance.com.