Novatae Risk Group, a wholesale insurance brokerage, managing general agency, and program manager, has acquired the assets of Atalanta-domiciled Ajax Specialty Insurance.
The terms of the transaction were not disclosed.
Founded in 2012 by current Chief Executive Officer (CEO), Andy Bierbaum, Ajax is a specialised wholesaler focused on the management and professional liability spaces.
Six years after founding, Bierbaum brought in by co-owner and partner, Karen Kutger.
Ajax’s coverage includes Directors and Officers (D&O), Errors and Omissions (E&O), and Technology/Cyber Liability.
Bierbaum commented, “Our commitment to reviewing and understanding each client’s unique risk profile and corporate structure, combined with our in-depth knowledge of coverage forms and markets ensures that our clients receive the most comprehensive coverage terms available.
Richard Kerr, CEO, Novatae Risk Group, added, “The Ajax team brings deep expertise in management and professional liability to Novatae. They are known for their exceptional service and expertise in creating innovative insurance solutions. Their extensive D&O, E&O, and Cyber Liability expertise will bolster our product offering.”
Kutger added, “We look forward to continuing this approach as part of Novatae.”
Novatae was counseled by Giordano Halleran Ciesla, and advised by MarshBerry. Frost Brown Todd LLP provided legal counsel to Ajax. No other advisors, diligence firms or legal counsel were disclosed.
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