Novatae Risk Group, a full-service wholesale insurance broker, managing general agency (MGA) and programme manager, has acquired fellow, Dallas-based brokerage firm MarketScout Corporation, and announced the latter’s Founder and Chief Executive Officer (CEO), Richard Kerr, as its new CEO.
Effective immediately, Kerr takes over from acting CEO and Chief Operating Officer (COO), Steve Cook, who will remain as COO of Novatae Risk.
The new chief exec brings more than three decades of experience in leadership roles in the insurance distribution space. Kerr launched Market Scout in 2000 as the holding entity for MarketScout Wholesale, the MarketScout Exchange, MarketScout Underwriters, MarketScout InsurTech Ventures, and the MarketScout Incubator.
MarketScout has a specialist focus on private client solutions, health care, fine art, workers compensation, and numerous specialty areas and programs.
Earlier in his career, Kerr served as CEO of Lambert Fenchurch US, and was previously the President of Sedgwick.
Rich Eknoian, CEO of World Insurance Associates LLC, parent company to Novatae, commented: “We are thrilled to have MarketScout join the Novatae team and to have Richard take the reins as chief executive officer. Richard’s extensive background and business development skills will benefit Novatae with strengthening partnerships, developing strategic alliances and expanding the firm’s product and service offering for its broker partners and their clients.”
Kerr said: “I am delighted to have MarketScout join Novatae and to lead the Novatae team. Our product offering, commitment to service excellence, and collaborative culture and sense of community are synergistic with Novatae and will prove to be a great fit. Novatae is a progressive, technology-enabled MGA and wholesale firm that will no doubt disrupt the industry. We are going places and I am excited to bring this opportunity to our partners and clients.”
Novatae Risk was advised on the transaction by Alvarez and Marsal, with legal counsel provided by Giordano Halleran Ciesla. LSS provided legal counsel to MarketScout, and Dowling Hales advised them on the transaction.
Terms of the transaction were not disclosed.