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

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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 returning solely to chief working officer duties.

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

Kerr mentioned 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 mentioned.

The new CEO is predicted to spice up Novatae by “strengthening partnerships, developing strategic alliances and expanding the firm’s product and service offering for its broker partners and their clients”, in response to Rich Eknoian, Novatae guardian firm World Insurance Associates CEO.

Novatae Risk Group unveiled its model at the beginning of November as a consolidation of seven of World Insurance Associate’s wholesale companies: Scottish American, Keating, Empire Underwriters, Mid Atlantic Insurance Group, Brookside General Insurance Services, American Emerald Group and Hawkeye Wholesale Insurance Services.

The enterprise’ title, Novatae, comes from the Latin phrase Novae Terrae, that means “new world”. It is “a play” on the World firm title, in response to a November 1 press launch.

“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 mentioned.

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