MGT, an AI-powered commercial property and casualty insurance company, has appointed Joe Magdovitz as Head of Finance, establishing its first dedicated finance leadership position as the company expands into new markets and distribution channels.
Magdovitz brings more than 15 years of experience in strategic finance, insurance, fintech and capital markets. He will report directly to Michael Topol, Co-Founder and Co-CEO of MGT.
The appointment follows a period of significant growth for MGT, which reported that its revenue has increased more than tenfold since its last fundraising round.
Magdovitz most recently served as Chief Financial Officer of Vouch Insurance, where he oversaw financial strategy, capital raising and business expansion.
During his tenure at Vouch, he led the sale of the company’s underwriting business to Hiscox, managed multiple equity and debt financings, and supported more than threefold growth in written premiums.
Before joining Vouch, Magdovitz held senior finance and leadership positions at Kiavi, a real estate lending technology company acquired by Figure.
At Kiavi, he helped expand financial operations during periods of rapid business growth.
Earlier in his career, Magdovitz worked at eBay, the Federal Reserve Bank of New York and Société Générale, gaining experience in corporate finance, financial markets and business operations.
“MGT is entering a new phase of growth, and as an AI and financial services company, finance plays a central role in how we scale the business,” Topol said.
“Joe has helped build organizations through periods of rapid expansion, and his combination of operating, insurance and capital markets experience will help us execute on our vision.”
As Head of Finance, Magdovitz will oversee the development of MGT’s financial operations and infrastructure to support its expansion.
His responsibilities will include building the company’s finance function as it invests in artificial intelligence, expands its insurance platform and develops additional distribution relationships.
“MGT has built incredible momentum by bringing a different approach to commercial insurance, and I’m excited to join the team at this inflection point in the journey,” Magdovitz said.
“I look forward to working with this exceptional team and building the infrastructure to support MGT as it scales and continues to deliver for our customers.”
MGT operates an AI-driven insurance platform designed to simplify commercial property and casualty insurance for small businesses, insurance agents and other insurers.
The company uses an integrated technology and data model to streamline underwriting and policy issuance, aiming to reduce processes that traditionally take weeks to a matter of minutes.
MGT Insurance holds an A- financial strength rating from AM Best and operates nationally across admitted and excess and surplus insurance markets.
Over the past year, MGT has expanded its workforce with experienced professionals across technology, artificial intelligence, insurance and operations.
Magdovitz’s appointment adds dedicated financial leadership as the company continues investing in its technology platform and expanding its commercial insurance operations.