Novatae snaps up Lloyd’s broker
Novatae snaps up Lloyd’s broker | Insurance Business America
Mergers & Acquisitions
Novatae snaps up Lloyd’s broker
Swoop “an important strategic addition”
Mergers & Acquisitions
By
Terry Gangcuangco
Wholesale insurance distributor Novatae Risk Group has acquired London-based Bretton Woods International (BWI) for an undisclosed sum.
“Acquiring a well-established Lloyd’s broker was an important strategic addition to the Novatae expansion plan,” Novatae chief executive Richard Kerr (pictured) said. “Bretton Woods International has an exemplary reputation which fits perfectly with our mission to build new Lloyd’s coverholder facilities that deliver solid profits for our underwriting partners.”
Founded by former Ark Syndicate Management class underwriter and Miller Insurance Services broker Dan Goggin in 2015, BWI specializes in complex contingency, accident & health, cyber, professional liability, management risk, and general liability with a focus on open market and program placements.
Goggin, BWI managing director, commented: “We are excited for the next stage of our journey with Novatae. We are very proud of our reputation in existing classes of business and grateful for the continued support shown to us by both existing clients as well as markets.
“We are now well positioned to enhance our range of services. Through organic growth and acquisition, the group will offer many great opportunities and will bring new business to the London market, further expanding the BWI offering.”
Subject to regulatory approval, the transaction is expected to close before the end of the second quarter.
In the US, Novatae serves more than 6,000 clients from 27 offices as a full-service wholesale insurance brokerage, managing general agency, and program manager.
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