New insurance “powerhouse” Novatae buys MarketScout, names CEO
MarketScout’s CEO Richard Kerr has come on board as CEO of Novatae effective immediately, with interim CEO Steve Cook returning exclusively to chief operating officer duties.
Kerr founded MarketScout in 2000 and was previously CEO of Lambert Fenchurch US. He is a past president of Sedgwick.
Kerr said Novatae was a “progressive, technology-enabled MGA and wholesale firm that will no doubt disrupt this industry.”
“We are going places and I am excited to bring this opportunity to our partners and clients,” he said.
The new CEO is expected to boost Novatae by “strengthening partnerships, developing strategic alliances and expanding the firm’s product and service offering for its broker partners and their clients”, according to Rich Eknoian, Novatae parent company World Insurance Associates CEO.
Novatae Risk Group unveiled its brand at the start of November as a consolidation of seven of World Insurance Associate’s wholesale businesses: Scottish American, Keating, Empire Underwriters, Mid Atlantic Insurance Group, Brookside General Insurance Services, American Emerald Group and Hawkeye Wholesale Insurance Services.
The business’ name, Novatae, comes from the Latin word Novae Terrae, meaning “new world”. It is “a play” on the World company name, according to a November 1 press release.
“Given the recent growth of our wholesale organization, now is the perfect time to combine our resources to form one powerhouse brand that empowers our specialty teams to deliver more to our broker partners and insureds,” Eknoian said.