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McGowan buys home insurance company, wholesale broker



General Manager and Program Manager McGowan Cos. Said on Wednesday that they have agreed to acquire Middletown, Connecticut-based home insurance company MiddleOak and wholesale broker Dauntless Specialty Brokerage from Country Financial.

The terms of the transaction were not disclosed. [19659002] MiddleOak provides package insurance to condominiums and apartments in the United States through its operations in Middletown and Salem, Massachusetts, and more than 100 designated franchisees, says Fairview Park, Ohio-based McGowan.

Dauntless provides wholesale access to MiddleOaks franchise partners and additional coverage to MiddleOaks offerings, McGowan said.

MiddleOak, which has 1

57 employees according to LinkedIn, will be reassigned to MiddleOak's specialty, while Dauntless will continue to do business under its existing name.

Bill George, currently vice president at MiddleOak, will lead both MiddleOak Specialty and Dauntles's, McGowan said.

The acquisition includes the renewal rights to the business.

MiddleOak Specialty has also entered into a program administration agreement to offer a special program for real estate and liability protection to apartments and tenant-owner associations that are covered by the current insurer's insurance guidelines and regulatory approvals.

Coverage will initially be available in 31 states and as far as possible will be offered in an approved manner through an insurer rated "A" or better by the credit rating agency AM Best, McGowan said.

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