In a strategic move to expand its offerings, the McGowan Companies has completed the acquisition of the assets of Protexure Insurance Agency as of Nov. 1.

Protexure is recognized as a national program manager with a focus on professional liability insurance for lawyers and accountants. Following the acquisition, Protexure's existing staff, under the leadership of president and CEO Kyle Nieman, will continue in their current roles.

“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,” Nieman 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 honor and continue,” said Thomas B. McGowan IV, CEO and president of McGowan.

In other M&A news, Arthur J. Gallagher & Co. recently announced the acquisition of Hughes Insurance Agency.

What are your thoughts on this story? Please feel free to share your comments below.