Wednesday, December 7th, 2022

New insurance coverage “powerhouse” Novatae buys MarketScout, names CEO

MarketScout’s CEO Richard Kerr has come on board as CEO of Novatae efficient instantly, with interim CEO Steve Cook dinner returning completely to chief working officer duties.

Kerr based MarketScout in 2000 and was beforehand CEO of Lambert Fenchurch US. He’s a previous president of Sedgwick.

Kerr mentioned Novatae was a “progressive, technology-enabled MGA and wholesale agency that can little doubt disrupt this trade.”

“We’re going locations and I’m excited to deliver this chance to our companions and purchasers,” he mentioned.

The brand new CEO is predicted to spice up Novatae by “strengthening partnerships, growing strategic alliances and increasing the agency’s product and repair providing for its dealer companions and their purchasers”, based on Wealthy Eknoian, Novatae guardian firm World Insurance coverage Associates CEO.

Novatae Threat Group unveiled its model at first of November as a consolidation of seven of World Insurance coverage Affiliate’s wholesale companies: Scottish American, Keating, Empire Underwriters, Mid Atlantic Insurance coverage Group, Brookside Normal Insurance coverage Companies, American Emerald Group and Hawkeye Wholesale Insurance coverage Companies.

The enterprise’ identify, Novatae, comes from the Latin phrase Novae Terrae, which means “new world”. It’s “a play” on the World firm identify, based on a November 1 press launch.

“Given the latest progress of our wholesale group, now could be the proper time to mix our sources to type one powerhouse model that empowers our specialty groups to ship extra to our dealer companions and insureds,” Eknoian mentioned.

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