The McGowan Companies has acquired AI-powered, digital wholesale insurance brokerage Limit through an asset purchase agreement.
Limit comprises two operations. The wholesale division is a digital broker that uses AI and focuses on cyber liability and technology errors and omissions (E&O).
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Its online platform allows retail brokerages to access as many as 100 insurance markets, submit applications and obtain multiple bindable quotes, and rate, quote, bind and issue policies.
The Limit AI division provides online tools that use AI to support risk management tasks for retail and wholesale brokerages, including quote and policy comparison, coverage analysis and preparation of client correspondence.
The McGowan Companies president and CEO Thomas McGowan said: “This acquisition fits exceptionally well with McGowan’s national and international growth strategy.
“We are very pleased to add Limit’s technology enabled suite of products and services to our diverse portfolio of companies.
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By GlobalData“With the acquisition of Limit, we aim to empower retailers around the world with faster and cleaner access to markets, smarter sales and marketing tools, and more data-backed risk management solutions than ever before.”
Limit will continue to operate under its existing name as part of the McGowan Companies, led by Shea McNamara, with current staff retained.
Limit Sales and Operations Facility director Shea McNamara said: “Since its founding, Limit Wholesale has been breaking the mold of the wholesale insurance brokerage industry and has become the go to digital market for cyber liability and tech E&O.
“Further, Limit AI’s digital assistant has become the go to online risk management facility. Being part of the McGowan Companies will accelerate and expand our mission of empowering retail insurance brokerages, of all sizes, to be faster, smarter and more competitive.
“McGowan has unmatched depth in specialty insurance, with its large portfolio of specialty MGUs [managing general underwriters], wholesale insurance brokerages and programme managers.”
