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Broker World Insurance Associates LLC said Tuesday it is consolidating its wholesale business under a unit called Novatae Risk Group.
Iselin, New Jersey-based World Insurance said in a statement Novatae brings together seven of its existing wholesale businesses: Scottish American, Keating, Empire Underwriters, Mid Atlantic Insurance Group, Brookside General Insurance Services, American Emerald Group and Hawkeye Wholesale Insurance Services.
The company said “Novatae” is derived from the Latin swords Novae Terrae, meaning “new world.”
The company said in January it had acquired Southern Cross Insurance Solutions LLC, an Orlando, Florida-based agency specializing in coverage for birth centers and midwives.