Spotted acquires Media Guarantors
SpottedRisk, the provider of specialty insurance solutions for the entertainment industry, announced that it has acquired Media Guarantors, a Managing General Underwriter focused on completion bonds backed by AXA XL. Media Guarantors has been 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.
Last year we covered Spotted’s new disgrace insurance product, which comes with higher payouts and offers brands risk, personality and consumer approval evaluation of Hollywood talent, athletes, and endorsers. The company’s site has changed since then and now the only call-to-action is a ‘contact underwriter’ button.
Media Guarantors, which has 8 employees according to LinkedIn, will maintain its brand and leadership team including CEO, Fred Milstein, head of production and underwriting Scott Nicolaides and Erica Fishkin, head of legal and business affairs. SpottedRisk was supported in this transaction by its lead backer, Boston-based private equity firm Schooner Capital.
“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. 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.” – Janet Comenos, CEO of SpottedRisk.
“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.” – Cast & Crew CEO Eric Belcher.
“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.” – Media Guarantors CEO Fred Milstein.
