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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 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 also proceed to steer the corporate’s staff.
Established in 2009, Protexure is a nationwide programme supervisor based mostly in Illinois, US, and a subsidiary of AmerInst Insurance coverage Group.
The corporate gives complete skilled legal responsibility insurance coverage options to guard small companies regulation 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 provide decrease premiums.
Nieman mentioned: “We’re very excited to grow to be 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 accordance 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 present portfolio of insurance coverage programmes.
McGowan Corporations president and CEO Thomas McGowan IV mentioned: “This acquisition suits exceptionally effectively with McGowan’s nationwide development technique.
“We’re very 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 purchasers… a practice we intend to honour and proceed.”
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