Zenith Risk Strategies launches medical stop-loss MGU
Zenith Risk Strategies , a Texas-based managing general underwriter focused on medical stop-loss, is positioning itself as a program manager built around underwriting discipline, clinical oversight, and captive integration.
Founded in 2024 and led by CEO Thomas Wagner, the Austin-based firm targets the self-funded employer market. In particular, it works with brokers, captives, and advisors to structure stop-loss programs with an emphasis on long-term stability rather than short-term pricing cycles.
More broadly, the company frames its model as a departure from traditional stop-loss. Specifically, it aims to align incentives across underwriting, claims management, and employer outcomes. To support this, its approach combines data-driven pricing, clinical-led claims review, and cost containment strategies designed to reduce volatility at renewal.
At the core of the model, Zenith’s offering centers on five components:
- Strategic pricing
- Advanced underwriting using clinical and analytics data
- Physician-led review of high-cost claims
- Cost containment programs
- Surplus retention strategies tied to long-term performance
In addition, the platform integrates with captive structures. As a result, employers and groups can retain underwriting gains while maintaining transparency into program performance.
Meanwhile, the launch follows a recent capital raise. Zenith filed a Form D on March 26, 2026, reporting $150,000 sold in an equity offering from two investors.