SpottedRisk Acquires Media Guarantors
- August 21, 2020
LOS ANGELES--SpottedRisk, a leading provider of entertainment insurance, today announced that it has acquired Media Guarantors, a fast-growing, specialized Managing General Underwriter focused on completion bonds. Media Guarantors has been a subsidiary of Cast & Crew, a leading provider of payroll and human resources, accounting and financial management, and workflow and productivity software and services to the entertainment industry. Media Guarantors’ leadership team boasts decades of experience providing client-centric expertise and robust levels of service.
SpottedRisk is excited to expand its footprint in the specialty entertainment segment with the acquisition. “We’ve always been impressed with the Media Guarantors team and the exceptional level of service they provide in an industry that has become commoditized over the years,” says Janet Comenos, CEO of SpottedRisk. “Both of our organizations are bringing new and fresh ideas to the entertainment insurance industry and we have aggressive goals to grow our business in this space.”
Cast & Crew CEO Eric Belcher said the transaction will enable Media Guarantors to scale its business quickly and effectively, given SpottedRisk’s technology and analytics expertise. “At the same time,” he added, “Cast & Crew looks forward to coordinating with Media Guarantors and SpottedRisk on marketing and product and service offerings to provide to clients of both companies a full range of payroll and human resources; accounting and financial management; workflow and productivity, and insurance services.”
Media Guarantors will continue to be run as a distinct brand and now a wholly-owned subsidiary of SpottedRisk. Additionally, it will continue under the leadership team of its CEO, Fred Milstein, head of production and underwriting Scott Nicolaides and Erica Fishkin, head of legal and business affairs. With capacity for the completion bonds secured directly from AXA XL insurers which are rated AM Best A+, Media Guarantors will maintain its exceptional level of service and support, engaging directly with its clients to underwrite the completion guarantees it provides.
Milstein says, “The infrastructure that SpottedRisk has built is aimed to take companies like Media Guarantors to the next level and to provide new and unique product features and services that will enable us to serve our clients better in this dynamic and changing environment than anyone else in the space. We feel that our management teams share a sentiment of building a customer-first experience and we are well-positioned in the post-COVID world to grow our market share.”
SpottedRisk was supported in this transaction by its lead backer, Boston-based private equity firm Schooner Capital. Schooner Managing Director Ted Henderson says, “The addition of a strong brand like Media Guarantors to the SpottedRisk portfolio will widen SpottedRisk’s foothold in the entertainment space and is the first of many opportunities we will consider.”