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Managing general underwriter and program manager McGowan Cos. said Wednesday it has agreed to acquire Middletown, Connecticut-based habitational insurer MiddleOak and wholesale broker Dauntless Specialty Brokerage from Country Financial.
Terms of the transaction were not disclosed.
MiddleOak provides package insurance to condominium associations and apartments in the U.S. through its operations in Middletown and Salem, Massachusetts, and more than 100 appointed franchise brokerages, Fairview Park, Ohio-based McGowan said.
Dauntless provides wholesale access to MiddleOak’s franchise partners and complementary coverages to MiddleOak’s offerings, McGowan said.
MiddleOak, which has 157 employees according to LinkedIn, will be rebranded MiddleOak Specialty, while Dauntless will continue doing business under its existing name.
Bill George, currently executive vice president at MiddleOak, will head up both MiddleOak Specialty and Dauntless, McGowan said.
The acquisition includes the renewal rights to the business.
MiddleOak Specialty has also entered into a program administration agreement to offer a specialty program of property and liability coverage to apartments and condominium associations subject to the applicable insurer’s underwriting guidelines and regulatory approvals.
Coverage will initially be available in 31 states and to the extent possible will be offered on an admitted basis through an insurer rated “A” or better by ratings agency A.M. Best, McGowan said.
Managing general underwriter McGowan Cos., based in Fairview Park, Ohio, said Tuesday it has acquired the assets of Arbanas & Associates, which specializes in writing professional liability, including for accountants, lawyers and architects.