Ohio-based McGowan Companies announced this week that it has purchased the assets of the Breed’s Hill Insurance Agency in Charlestown. Effective immediately, Breed’s Hill will now operated under the McGowan Risk Specialists (MRS) brand.
“Breed’s Hill fits exceptionally well with McGowan’s growth strategy in the Real Estate segment,” explained Thomas B. McGowan, IV, President of The McGowan Companies.”We are excited to establish a ‘bricks and mortar’ operation in New England to best serve our brokers’ needs in that part of the country.”
Established in 1996, Breed’s Hill has grown to become one of the largest and most respected Managing General Agency’s in New England’s habitational marketplace. Now as a part of the McGowan Companies, the MRS Boston office will focus on becoming a leader in Real Estate that is placed in the Excess & Surplus Lines market.
As such, the initial products that will be offered through this new location will include Property, General Liability, and Equipment Breakdown for all classes of Real Estate. In addition, all former Breed’s Hill brokers will receive an an automatic appointment with McGowan and the company’s full range and products and capabilities. In return, all McGowan brokers also will now have access to the former Breed’s Hill’s product line. All contacts and current commission structures will also remain the same.
“We are excited to announce this transaction with Thom and his team. The McGowan Companies has an exceptional reputation for understanding and meeting the needs of their brokers while, at the same time, delivering extraordinary long-term profitability to their carrier partners. We see this as an ideal home for our real estate business.”
The McGowan Companies is a third-generation company that began as a small retail agency with one location in Cleveland. Now based in Fairview Park, the family-owned operation has grown to include the following core insurance operations: McGowan Program Administrators (MPA), McGowan Excess & Casualty (MEC), McGowan, Donnelly & Oberheu, LLC (MDO), McGowan Governmental Underwriters (MGU), and McGowan Risk Specialists (MRS).