Patrick Stroth

Patrick Q. Stroth is a transaction-liability insurance specialist, not a traditional angel or venture investor. A native San Franciscan, he began his insurance career in 1987 after graduating from Loyola Marymount University (B.A., Business Administration/Management, 1983–1987), and holds an Associate in Risk Management (ARM) designation. He spent the bulk of his early career as an Executive Liability specialist, focusing on transaction-related coverages such as Directors & Officers Liability, trade credit/accounts-receivable insurance, and cyber and privacy liability. Before launching his own firm he ran a Lloyd's of London underwriting facility in Northern California.

Stroth founded Rubicon M&A Insurance Services, LLC and became a pioneer in applying Representations & Warranty (R&W) insurance to lower-middle-market M&A transactions — a tool historically reserved for large deals. This niche focus earned him the nickname "Champion of the Clean Exit." In September 2021, he merged Rubicon's M&A practice into The Liberty Company Insurance Brokers, a national brokerage platform, and now serves as Liberty's National Practice Leader for Mergers & Acquisitions while continuing to operate under the Rubicon brand.

He is also the host of the "M&A Masters" podcast, where he interviews M&A advisors, attorneys, investment bankers, private-equity professionals, and entrepreneurs. The show had passed 159 episodes by mid-2025, and Stroth is a prolific producer of M&A insurance content and a frequent panelist and webcast speaker.

> Note: Stroth's "thesis" is about insurance and deal-risk allocation, not equity investing. No evidence was found that he writes angel/seed checks.

• What he does: Places R&W insurance and related transaction-liability coverage so that sellers of lower-middle-market companies can achieve a "clean exit" — fewer/no holdbacks and escrows, more cash at closing, and protection against post-closing claims for breaches of reps and warranties.
• Specialist, by design: In his own words, Rubicon wants to "stay in their lane" with reps and warranties and has "zero interest" in other lines of coverage — positioning itself as a specialist outsourcer that gets buyers and sellers through to closing "smoothly and elegantly."
• Stated mission: "I work to give owners and founders a 'clean exit.' That's freedom. That's Liberty."
• Deal profile served: Lower-middle-market M&A, including SPAC transactions and independent-sponsor deals, across a range of industries.