US-based broker announces UK acquisition

US-based wholesale insurance broker Novatae Risk Group is expanding into the UK with the acquisition of Bretton Woods International (BWI).

Based in London, Lloyd’s broker BWI focuses on open market and programme placements.

These cover accident and health, cyber, professional liability, management risk and general liability.

Richard Kerr, chief executive officer of Novatae, said the deal “was an important strategic addition to the Novatae expansion plan”.

“BWI has an exemplary reputation which fits perfectly with our mission to build new Lloyds coverholder facilities that deliver solid profits for our underwriting partners,” he added.

‘Next stage’

The transaction is expected to close before the end of the second quarter.

BWI managing director Dan Goggin said his firm was “excited for the next stage of our journey” once the deal is complete.

“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,” he added.

“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 BWI offering.”