Dallas, TX - Novatae Risk Group ("Novatae") announced today that it acquired Bretton Woods International ("BWI" or the "Company") of London, England. The transaction is subject to applicable regulatory approval and is expected to close before the end of the second quarter. Terms of the transaction were not disclosed.
BWI is a specialized insurance broker, focusing on open market and program placements, covering complex contingency, accident & health, cyber, professional liability, management risk, and general liability. The Company was founded by Dan Goggin in 2015, a former Lloyd's Class Underwriter with Ark Syndicate Management and previously a broker with Miller Insurance Services.
"We are excited for the next stage of our journey with Novatae," says Dan Goggin, Managing Director, Bretton Woods International. "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 Bretton Woods (BWI) offering."
"Acquiring a well-established Lloyds broker was an important strategic addition to the Novatae expansion plan", says, Richard Kerr, Chief Executive Officer, Novatae Risk Group. "Bretton Woods International has an exemplary reputation which fits perfectly with our mission to build new Lloyds coverholder facilities that deliver solid profits for our underwriting partners."
In a separate interview for Insurance Business Magazine's podcast IB Talk about the elongated hard market cycle, Richard Kerr pointed out how Lloyd's of London's is poised to become increasingly vital within the North American insurance sector. This strategic foresight significantly influenced Novatae’s decision to acquire Bretton Woods International of London, a specialized Lloyds of London broker.
Locke Lord provided legal counsel and Alvarez & Marsal advised Novatae on the transaction. Temple Bright provided legal counsel and PKF Littlejohn LLP provided accountancy services to BWI on the transaction. No other advisors, diligence firms or legal counsel were disclosed.
About Novatae Risk Group
Novatae Risk Group (Novatae) is a full-service wholesale insurance brokerage, managing general agency and program manager providing brokers and their clients with specialty insurance products and services for complex and hard-to-place risks across property, casualty, workers’ compensation, cyber, professional, management, construction, environmental, garage, inland marine/ocean marine and more. Novatae serves more than 6,000 clients from 27 offices across the United States. For more information, please visit www.novatae.com.
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