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McGowan Firms has acquired the property of Protexure Insurance coverage Company, knowledgeable 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 is not going to 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 may even proceed to guide the corporate’s staff.
Established in 2009, Protexure is a nationwide programme supervisor primarily based in Illinois, US, and a subsidiary of AmerInst Insurance coverage Group.
The corporate supplies 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 prospects.
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Programmes supplied by Protexure have been designed to cater to small companies and exclude giant firms with excessive dangers to additional supply decrease premiums.
Nieman mentioned: “We’re very excited to turn into a part of the McGowan Firms. Their dedication to investing in and increasing our capabilities will accrue to the advantage of our policyholders.”
McGowan Firms 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 Danger Specialists, amongst others.
In keeping 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 Firms president and CEO Thomas McGowan IV mentioned: “This acquisition matches exceptionally effectively with McGowan’s nationwide development technique.
“We’re more than happy so as to add Protexure’s suite of services to our various portfolio of firms.
“Protexure has a robust custom of offering exemplary services to its shoppers… a practice we intend to honour and proceed.”
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