The McGowan Companies, based in Fairview Park, Ohio, acquired the assets of Professional Risk Placements LLC in Red Bank, New Jersey.
Professional Risk Placements will begin operating under the newly-formed “McGowan Risk Specialists” brand.
Established in 1996, Professional Risk Placements has been serving as an independent wholesale insurance brokerage specializing in the placement of professional and management liability and related classes, as well as products liability and other special risks.
Following the transaction, Pete Wilkens, who was president of Professional Risk Placements, will lead the New Jersey office of McGowan Risk Specialists as regional vice president. This office will be responsible for writing professional and management liability in Connecticut, New Jersey, New York, and Pennsylvania.
The McGowan Companies said all Professional Risk Placements brokers will receive automatic appointments with McGowan and its products and capabilities. All McGowan brokers in Connecticut, New Jersey, New York, and Pennsylvania will now have access to all of Professional Risk Placements’ product offerings.
PhiloSmith, an investment banking firm specializing in insurance and financial services businesses, served as the exclusive advisor to Professional Risk Placements in this transaction.
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