Oyster’s New Chapter: A New Home for the Oyster Brokerage and a Bold Future for Oyster AI

Today we’re excited to announce two important updates to Oyster Technologies.

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Oyster’s Insurance Brokerage Has Been Acquired by The McGowan Companies

We’re excited to announce that Oyster's insurance book of business has been acquired in an all-cash transaction by The McGowan Companies—one of the largest and most profitable privately held insurance conglomerates in the U.S.

As one of the leading insurance brokers and intermediaries, McGowan operates more than 50 specialized business units across brokerage, program administration, and reinsurance. With this transition, Oyster policyholders will continue to receive the same high quality service, supported by McGowan’s scale and decades of experience in the insurance and financial services industry.

Oyster policyholders will retain access to the same digital portal they rely on—now enhanced with broader capabilities and a wider range of coverage options through the McGowan network.

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Introducing the Future of Oyster AI

Oyster Technologies is now fully focused on its AI business, providing cutting-edge AI software to the insurance industry.

In July 2024, we launched the world’s first AI Copilot for commercial insurance agents powered by LLMs. Initially deployed within our brokerage operations, the Copilot earned strong praise for delivering measurable ROI and streamlining agent workflows. Since then, we’ve evolved the product into something much bigger.

We call this AI product Cara—the world’s first Agency Intelligence System.

Cara is a domain-specific AI platform purpose-built for insurance—a modular system that enables agencies, brokerages, and MGAs to automate servicing, accelerate sales, and scale operations with a 24/7 digital workforce.

Backed by more than three years of AI and technological development and utilized by thousands of policyholders, Cara is available to agents and brokerages of the future.

As part of the acquisition, McGowan has become one of the first enterprise customers to adopt Cara AI, joining a fast growing list of innovative insurance companies deploying our technology.

If you’d like early access and a chance to get ahead of the AI curve, reach out to us.

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A bright AI future for the insurance industry

This milestone marks a new era for our company. We believe AI presents the biggest technology shift in insurance ever, and we are doubling down on our mission to bring the insurance industry into the future with modern, intelligent software. We’re grateful to our customers and partners—and we’re just getting started.

Let’s shape the future of insurance together.

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About Cara

Cara is a domain-specific AI system purpose-built for the insurance industry—a modular solution that empowers leading insurance agencies and brokerages to accelerate sales and automate services through a 24/7 digital workforce. Learn more at getcara.ai.

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About The McGowan Companies

The McGowan Companies is one of the oldest, largest, and most respected organizations of its type in the United States.  In fact, our oldest subsidiary was founded in 1836.  As one of the leading insurance brokers and intermediaries in the United States, McGowan is dedicated to providing its 60,000+ appointed brokers and more than 1,000,000 insureds with superb service and competitively-priced, flexible, and creative products that dynamically respond to and capitalize on changes in the insurance marketplace.  McGowan is a multi-generational, family-owned and operated conglomerate of 50+ business units (e.g. – insurance brokerages, wholesaler insurance brokerages, programs/program administrators, captive managers, program brokerages, and reinsurance intermediaries).

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Legal Notice: Pursuant to an asset purchase agreement, Oyster Insurance Agency, LLC (“Oyster”) sold certain of its/their assets, but not its/their liabilities, to McGowan Consolidated Insurance Holdings Group, Inc. or one of its subsidiaries/affiliated companies (“McGowan”), effective 4/1/2025.  Oyster was not merged with or into McGowan.  Oyster was not consolidated with or into McGowan.  McGowan is not a continuation of Oyster.