  Operator algebras generated by partial isometries and their adjoints form the
basis for some of the most well studied classes of C*-algebras. The primary
object of this paper is the norm-closed operator algebra generated by a left
invertible $T$ together with its Moore-Penrose inverse $T^\dagger$. We denote
this algebra by $\mathfrak{A}_T$. In the isometric case, $T^\dagger = T^*$ and
$\mathfrak{A}_T$ is a representation of the Toeplitz algebra. Of particular
interest is the case when $T$ satisfies a non-degeneracy condition called
analytic. We show that $T$ is analytic if and only if $T^*$ is Cowen-Douglas.
When $T$ is analytic with Fredholm index $-1$, the algebra $\mathfrak{A}_T$
contains the compact operators, and any two such algebras are boundedly
isomorphic if and only if they are similar.
