Novatae buys Lloyd’s brokerage

Novatae Risk Group, the wholesale unit of World Insurance Associates LLC, said Tuesday it has agreed to buy Bretton Woods International Ltd., a Lloyd’s of London brokerage.

Terms were not disclosed. The deal is expected to close by the end of the second quarter, a Novatae statement said.

Bretton Woods focuses on accident and health, contingency risks, and cyber, general and professional liability, the statement said. It was founded in 2015 by Dan Goggin, the brokerage’s managing director.

It reported turnover of £5 million ($6.4 million), which includes brokerage revenue and profit commissions, and a profit of £477,180 for the year ended March 31, 2023, according to its most recent report and accounts. The company has about 20 employees.

Dallas-based Novatae was formed in 2022, bringing together World’s existing wholesale units and to buy MarketScout Corp., a managing general agent.