Managing general agent Novatae Risk Group said it acquired fellow MGA, MarketScout Corp., on Nov 1.
Terms of the transaction were not disclosed.
Richard Kerr, founder and CEO of Dallas-based MarketScout, was named CEO of Novatae, effective immediately. Steve Cook, who had been Novatae’s acting CEO and chief operating officer for the last six months, will continue as COO.
“Our product offering, commitment to service excellence, and collaborative culture and sense of community are synergistic with Novatae and will prove to be a great fit,” said Kerr. “Novatae is a progressive, Technology-enabled MGA and wholesale firm that will no doubt disrupt the industry. We are going places and I am excited to bring this opportunity to our partners and clients.”
Kerr has held leadership roles in the insurance distributions space for more than 30 years. He founded MarketScout in 2000 as the holding company for MarketScout Wholesale, the MarketScout Exchange, MarketScout Underwriters, MarketScout InsurTech Ventures and the MarketScout Incubator. Prior to MarketScout, Kerr was CEO of Lambert Fenchurch US, and before that he was the president of Sedgwick.
Rich Eknoian, CEO of World Insurance Associates LLC, parent company to Grapevine, Texas-based Novatae, said: “Richard’s extensive background and business development skills will benefit Novatae with strengthening partnerships, developing strategic alliances and expanding the firm’s product and service offering for its broker partners and their clients.”
Novatae specializes in complex and hard-to-place risks across property, casualty, workers’ compensation, cyber, professional, management, construction, environmental, garage, inland marine/ocean marine and more. MarketScout specializes in private client solutions, health care, fine art, workers compensation and many specialty areas and programs.
Mergers & Acquisitions
Interested in Mergers?
Get automatic alerts for this topic.