SpottedRisk, a NYC-based provider of entertainment insurance, acquired Media Guarantors, a specialized Managing General Underwriter focused on completion bonds.
The amount of the deal was not disclosed.
The addition of Media Guarantors to its portfolio will widen SpottedRisk’s presence in the entertainment space. The transaction will also enable Media Guarantors to scale its business quickly.
Media Guarantors, a subsidiary of Cast & Crew, a provider of payroll and human resources, accounting and financial management, and workflow and productivity software and services to the entertainment industry, 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.
Founded in 2016 and led by Janet Comenos, CEO, SpottedRisk is a private-equity backed specialty analytics and underwriting firm that focuses on building new data-driven insurance products that address the gaps in coverages in the entertainment and event industries, among others.