Novatae Acquires Ajax Specialty Insurance in Strategic Move to Enhance Liability Offerings
Deal News | Apr 14, 2025 | Re-Insurance News
Novatae Risk Group, a prominent wholesale insurance brokerage and managing general agency, has acquired Atlanta-based Ajax Specialty Insurance. While financial details remain undisclosed, the deal is positioned to enhance Novatae's position within the management and professional liability space. Founded in 2012 by CEO Andy Bierbaum, Ajax specializes in Directors and Officers (D&O), Errors and Omissions (E&O), and Technology/Cyber Liability. With co-owner Karen Kutger, Ajax has established a reputation for a tailored approach to client risk profiling. The acquisition is expected to leverage Ajax's deep-seated expertise in innovative insurance solutions to enrich Novatae's client offerings. Legal advice for this transaction was provided by several firms, including Giordano Halleran Ciesla for Novatae and Frost Brown Todd LLP for Ajax.
Sectors
- Insurance
- Financial Services
Geography
- United States – Both companies involved, Novatae Risk Group and Ajax Specialty Insurance, are based in the United States, specifically in Atlanta.
Industry
- Insurance – The article is centered around the acquisition within the insurance sector, involving two key players specializing in wholesale insurance and liability coverage.
- Financial Services – Given the nature of the transaction and the focus on liability management and insurance products, the financial services sector is also relevant.
Financials
- Undisclosed – Terms of the acquisition between Novatae and Ajax were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Novatae Risk Group | Bidding Company | Company | A wholesale insurance brokerage, managing general agency, and program manager. |
| Ajax Specialty Insurance | Target Company | Company | An Atlanta-based specialty insurance company focusing on management and professional liability. |
| Andy Bierbaum | CEO of Ajax | Person | Founder and CEO of Ajax Specialty Insurance, originally established in 2012. |
| Karen Kutger | Co-owner and Partner | Person | Co-owner and partner at Ajax Specialty Insurance. |
| Richard Kerr | CEO of Novatae | Person | Chief Executive Officer of Novatae Risk Group. |
| Giordano Halleran Ciesla | Legal Advisor for Novatae | Company | Provided legal counsel to Novatae Risk Group. |
| MarshBerry | Advisory Firm | Company | Advisory partner for Novatae Risk Group in the acquisition. |
| Frost Brown Todd LLP | Legal Advisor for Ajax | Company | Provided legal counsel for Ajax Specialty Insurance. |