Terms of the transaction were not disclosed.

Edgewater will be rebranded under the McGowan Program Administrators name and will function as a division of McGowan & Company Inc., the statement said, adding Edgewater staff will stay on under Mark Kollar, formerly president and CEO of Edgewater.

Edgewater was established in 1992 and specializes in working with insurance brokers to develop private label directors and officers, errors and omissions, employment professional liability insurance, cyber, and workers compensation programs particularly for franchise systems in the hospitality/restaurant space, the statement said.

The company’s website lists four members of senior management. Spokesmen for both companies would not comment on the size of Edgewater’s operations.

"This acquisition fits exceptionally well with McGowan's national growth strategy," Thomas B. McGowan IV, president and CEO of The McGowan Companies, said in the statement.

"We are very excited to become part of The McGowan Companies,” Mr. Kollar said in the statement. “Its tremendous distribution and technological capabilities will accrue to the benefit of our brokers and insureds."