McGowan in assets swoop

Acquisition "fits exceptionally well with [our] national growth strategy"

McGowan in assets swoop

Insurance News

By Terry Gangcuangco

The McGowan Companies has completed its acquisition of assets from Parks Plus Underwriting Agency and Intersure Insurance Brokers Corp., collectively known as Parks Plus/Intersure.

A national program manager, Parks Plus/Intersure specializes in the amusement and entertainment industry with a focus on complex property and inland marine risks.

The transition will see the existing team at Parks Plus/Intersure stay on board under the continued leadership of president and chief executive David Chodzko.

Expressing enthusiasm about the deal, financial terms of which were not disclosed, Chodzko said: “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.”

McGowan president and CEO Thomas B. McGowan, IV, emphasized the acquisition’s alignment with the wider group’s objectives, saying: “This acquisition fits exceptionally well with McGowan’s national growth strategy.”

Citing the value Parks Plus/Intersure brings to the table, he went on to state: “We are very pleased to add Parks Plus/Intersure’s suite of products and services to our diverse portfolio of companies. Parks Plus/Intersure has a strong tradition of providing exemplary products and services to its clients… a tradition we intend to honor and continue.”

The transaction was structured through an asset purchase agreement, whereby Parks Plus Underwriting Agency and Intersure Insurance Brokers Corp. transferred certain assets to McGowan Consolidated Insurance Holdings Group or one of its subsidiaries/affiliated companies without passing on their liabilities.

It was noted that the sale did not involve the merger or consolidation of Parks Plus/Intersure with or into McGowan, nor is McGowan to be seen as a continuation of Parks Plus/Intersure.

The latest swoop comes on the heels of McGowan snapping up Protexure Insurance Agency’s assets in November. Similarly, Protexure maintained its roster and management.

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