Oyster brokerage has been acquired

Oyster Technologies  has sold its insurance brokerage business to The McGowan Companies in an all-cash transaction. McGowan, one of the largest privately held insurance conglomerates in the U.S., will assume service for existing Oyster policyholders, who will continue to use the same digital portal with expanded coverage options.

Following the sale, Oyster will focus exclusively on its AI business. The company is rolling out Cara, a domain-specific AI system for insurance agencies and MGAs. Cara enables 24/7 automation of servicing, sales acceleration, and operations support for commercial insurance agents. Oyster positions the platform as a core offering in its shift from brokerage to AI infrastructure provider for the insurance industry.

As part of the acquisition, McGowan has become one of the first enterprise customers to adopt Cara AI.