Novatae Risk Group announced that it acquired the Lloyd’s broker Bretton Woods International (BWI) of London.
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,” commented 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.”
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
Dallas, Texas-based Novatae Risk Group is a wholesale insurance brokerage, managing general agency and program manager that provides 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. The company serves more than 6,000 clients from 27 offices across the United States.
Source: Novatae Risk Group
Topics Mergers & Acquisitions Agencies
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