FAIRVIEW PARK, Ohio — The McGowan Companies (“McGowan”), one of the nation’s largest insurance conglomerates, today announced a strategic acquisition of Limit, the nation’s leading Artificial Intelligence (AI)-enabled, digital, wholesale insurance brokerage, via an asset purchase agreement.
Limit has two divisions: (1) Limit Wholesale; and, (2) Limit AI. Limit Wholesale is an AI-enabled, digital, wholesale insurance brokerage that specializes in Cyber Liability and Technology E&O. Limit functions as an “insurance one-stop-shop,” where retail insurance brokerages (“retailers”) can shop up to 100 insurance markets, all in one place, online, 24 hours per day. Retailers can submit applications, then receive multiple, bindable quotes, in an extremely-fast and efficient manner, using Limit’s cutting-edge technology. Retailers can rate, quote, bind, and issue policies online. Other Lines of Business will be added to Limit in the near future.
Limit AI offers a set of online AI-enabled, digital, Risk Management tools that allow both retail and wholesale insurance brokerages to compare quotes, compare policies, analyze coverage, and prepare customer correspondence.
Shea McNamara, Limit’s Facility Director – Sales & Operations, commented: “Since its founding, Limit Wholesale has been ‘breaking the mold’ of the wholesale insurance brokerage industry and has become the “go to” digital market for Cyber Liability and Tech E&O. Further, Limit AI’s Digital Assistant has become the “go to” online Risk Management facility. Being part of The McGowan Companies will accelerate and expand our mission of empowering retail insurance brokerages, of all sizes, to be faster, smarter, and more competitive.” He continued: “McGowan has unmatched depth in specialty insurance, with its large portfolio of specialty MGUs, wholesale insurance brokerages, and program managers. With McGowan’s position in the market and its multi-vertical offerings, overlaid with Limit’s AI-enabled digital platform, we’re creating the ‘gold standard’ for how insurance is underwritten, distributed and serviced around the world.”
“This acquisition fits exceptionally-well with McGowan’s national and international growth strategy,” said Thomas B. McGowan, IV, President/CEO of The McGowan Companies. He continued, “We are very pleased to add Limit’s technology enabled suite of products and services to our diverse portfolio of companies. With the acquisition of Limit, we aim to empower retailers around the world with faster and cleaner access to markets, smarter sales and marketing tools, and more data-backed Risk Management solutions than ever before. Shea and his team have a strong tradition of providing exemplary products and services to Limit’s clients… a tradition we intend to honor and continue.”
After the transaction is closed, Limit will continue to operate under the “Limit” brand, within The McGowan Companies envelope, led by Shea McNamara, and all staff will remain in place.
SOURCE The McGowan Companies
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