McGowan Corporations has acquired the belongings of Protexure Insurance coverage Company, an expert legal responsibility insurance coverage supplier for legal professionals and accountants, efficient 1 December 2023.
The businesses haven’t disclosed monetary phrases and different particulars of this transaction.
The acquisition won’t have an effect on the workers working at Protexure Insurance coverage Company, as they may stay in place.
Protexure Insurance coverage Company president and CEO Kyle Nieman will even proceed to guide the corporate’s workers.
Established in 2009, Protexure is a nationwide programme supervisor based mostly in Illinois, US, and a subsidiary of AmerInst Insurance coverage Group.
The corporate offers complete skilled legal responsibility insurance coverage options to guard small companies legislation firms, Chartered Public Accountants or solo practitioners from negligence or liabilities that will occur whereas servicing their clients.
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Programmes provided by Protexure have been designed to cater to small companies and exclude giant firms with excessive dangers to additional supply decrease premiums.
Nieman stated: “We’re very excited to change into a part of the McGowan Corporations. Their dedication to investing in and increasing our capabilities will accrue to the good thing about our policyholders.”
McGowan Corporations is an Ohio-headquartered wholesale insurance coverage brokerage firm established in 1954.
The corporate has a number of core insurance coverage operations together with McGowan Extra & Casualty, McGowan Governmental Underwriters, McGowan Threat Specialists, amongst others.
In line with Waller Helms, who served as unique monetary advisor to Protexure and AmerInst for the deal, the acquisition will assist in including specialised underwriting experience to McGowan’s current portfolio of insurance coverage programmes.
McGowan Corporations president and CEO Thomas McGowan IV stated: “This acquisition matches exceptionally properly with McGowan’s nationwide progress technique.
“We’re more than happy so as to add Protexure’s suite of services and products to our numerous portfolio of firms.
“Protexure has a robust custom of offering exemplary services and products to its shoppers… a practice we intend to honour and proceed.”