Novatae Risk Group acquires MarketScout; Kerr named CEO

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THE BHARAT EXPRESS NEWS INSURANCE NEWS
THE BHARAT EXPRESS NEWS INSURANCE NEWS

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Novatae Risk Group chief executive said it acquired fellow MGA, MarketScout Corp., on Nov. 1.

The terms of the transaction have not been disclosed.

Richard Kerr

Richard Kerr, founder and CEO of Dallas-based MarketScout, was named CEO of Novatae, effective immediately. Steve Cook, who served as Novatae’s acting CEO and Chief Operating Officer for the past six months, will remain as COO.

“Our product offerings, commitment to service excellence and collaborative culture and sense of community are synergistic with Novatae and will prove to be a great match,” said Kerr. “Novatae is a forward-thinking, technology MGA and wholesale company that is sure to disrupt the industry. We’re going places and I’m excited to bring this opportunity to our partners and customers.”

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Kerr has held leadership roles in insurance distribution for more than 30 years. In 2000, he founded MarketScout as the holding company for MarketScout Wholesale, the MarketScout Exchange, MarketScout Underwriters, MarketScout InsurTech Ventures and the MarketScout Incubator. Before joining 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, the parent company of Novatae based in Grapevine, Texas, said: “Richard’s extensive background and business development skills will benefit Novatae in strengthening partnerships, developing strategic alliances and expanding the company’s product and service offerings for its brokerage partners and their clients.”

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Novatae specializes in complex and difficult to place risks in the areas of property, accidents, industrial accidents, cyber, professionalism, management, construction, environment, garage, barge/ocean and more. MarketScout specializes in residential customer solutions, healthcare, fine arts, workers’ compensation, and many specialty areas and programs.

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Mergers & Acquisitions

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