Novatae Targets $2 Billion in Premiums – CEO

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“I will try to take it from $800 million in premiums to $2 billion in the next two and a half to three years,” Novaday CEO Richard Kerr (pictured) said.

“This will often be done by acquiring other MGAs and specialized agencies and hiring teams of contractors who can develop specialized projects.”

Why the Novatae deal is “the best way to go” for MarketScout

Kerr joined Novaday in November’s acquisition of Market Scout, the company he founded in 2000.

While a possibility Agreement with WIA Come on, MarketScout was already “well into” launching an acquisition program to grow its brand, with $350 million in private equity backing, according to the CEO.

“When someone honored me with an introduction [WIA]And I looked at what the vision and planning was, and I decided that was a great way, because I could take over as CEO, take the acquisitions that they had made, continue to grow, and grow it out of nowhere. It was today,” Kerr said.

Kerr said WIA is “an important acquisition that will be the linchpin and the keystone,” and MarketScout fits the bill.

Bed in businesses

Now about 90 days with Novatae, Kerr said he has spent “most” of his time integrating 11 businesses.

“It’s an ongoing process and we’re getting better and better every day,” Kerr said.

“It took me a while to figure out where all the talent was landing, so now our next step is to put the face of that talent in front of the retail community so they know how to best access it.”

The team included Scottish American, a wholesale broker with an unusual culture – for example, historical staff were able to choose their own titles, and these ranged from the unspecified (for example, Producer) to the eye-catching ‘Master’. Coin’ or ‘Claims-Jedi’ –

And its chief executive officer, Danny Kinton, described the conversation as “qualified”. Insurance business Last October.

With culture, as with other business elements, Novaday is taking a “blending” approach to what works and what doesn’t, Kerr said, and “aims to get the best of each.” [business] to provide”

“There is tremendous talent within [Scottish American] And as we go forward, what we’re going to try to do is take the best culture of each acquisition and blend it together,” Kerr said.

“Obviously, it’s going to change for everybody; it’s going to change for Market Scout, it’s going to change for Scottish American, it’s going to change for Keating.

Aimed at growth through digital, data and human interaction

Each acquisition brings something “unique to the table,” Kerr said. In MarketScout’s case, it’s 20 years of built distribution technology and relationships with more than 20,000 retail agents.

The overall game plan should be used Data and Analysis And combine this with the “human expertise” element.

“We were doing big data before it was cool,” Kerr said.

“The ability to reach and know where [for example] Every Red Roof warehouse in the US is valuable and we will use it to the benefit of our organizations and to the benefit of our retail agent partners.

MarketScout’s exchange will serve as an entry point for retail agents, Kerr said.

Novaday CEO says we’re “not going to fake it.”

Although MGA and its wholesale broking business have multibillion-dollar premium ambitions, according to Kerr, it will not grow in areas where it cannot compete.

“You’ve got some incredible competitors and they’re all very good, so we’re going to try to pick the special areas where we can be the best of the best and put them forward and use them,” Kerr said. .

“If we’re not good at shipping, we’re not going to fake it and try to ship; we’re going to be very honest with the retail community and tell them exactly what we’re good at, and we’re going to try and be very good at it.

“We’re not going to go out and say we can’t do something, send it to us and we’ll try to put it together — if we don’t do shipbuilding, we’re going to tell you, in fact, we’ll put you together with one of our friendly competitors who’s really good at shipbuilding, because at the end of the day When you walk through that door, our job is to find a solution for you. It’s not within one of our companies.


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