McGowan Companies has acquired the assets of Protexure Insurance Agency, a professional liability insurance provider for lawyers and accountants, effective 1 December 2023.
The companies have not disclosed financial terms and other details of this transaction.
The acquisition will not affect the employees working at Protexure Insurance Agency, as they will remain in place.
Protexure Insurance Agency president and CEO Kyle Nieman will also continue to lead the company’s employees.
Established in 2009, Protexure is a national programme manager based in Illinois, US, and a subsidiary of AmerInst Insurance Group.
The company provides comprehensive professional liability insurance solutions to protect small businesses law companies, Chartered Public Accountants or solo practitioners from negligence or liabilities that may happen while servicing their customers.
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Programmes offered by Protexure have been designed to cater to small businesses and exclude large companies with high risks to further offer lower premiums.
Nieman said: “We are very excited to become part of the McGowan Companies. Their commitment to investing in and expanding our capabilities will accrue to the benefit of our policyholders.”
McGowan Companies is an Ohio-headquartered wholesale insurance brokerage company established in 1954.
The company has multiple core insurance operations including McGowan Excess & Casualty, McGowan Governmental Underwriters, McGowan Risk Specialists, among others.
According to Waller Helms, who served as exclusive financial advisor to Protexure and AmerInst for the deal, the acquisition will help in adding specialised underwriting expertise to McGowan’s existing portfolio of insurance programmes.
McGowan Companies president and CEO Thomas McGowan IV said: “This acquisition fits exceptionally well with McGowan’s national growth strategy.
“We are very pleased to add Protexure’s suite of products and services to our diverse portfolio of companies.
“Protexure has a strong tradition of providing exemplary products and services to its clients… a tradition we intend to honour and continue.”