Novatae Risk Group has acquired the assets of Atlanta-based Ajax Specialty Insurance, effective March 1, 2025.
The terms of the deal were not disclosed.
Ajax operates as a wholesale broker with a focus on management and professional liability lines, including Directors and Officers (D&O), Errors and Omissions (E&O) and Technology/Cyber Liability. The firm was founded in 2012 by Andy Bierbaum, who was later joined by Karen Kutger as co-owner and partner in 2018.
“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,” said Bierbaum, CEO of Ajax.
“We look forward to continuing this approach as part of Novatae,” added Kutger, president of Ajax.
Meanwhile, Novatae CEO Richard Kerr said the acquisition strengthens the company’s presence in the management and professional liability space. “Their extensive D&O, E&O and Cyber Liability expertise will bolster our product offering,” he said.
Giordano Halleran Ciesla provided legal counsel to Novatae, while MarshBerry served as financial advisor. Frost Brown Todd LLP advised Ajax. No additional advisors or diligence firms were disclosed.
In addition to the Ajax acquisition, Novatae recently appointed Nick Greggains as its new president, effective March 3, 2025. Greggains brings more than three decades of industry experience, including senior roles at Ethos Specialty Insurance Services, Pioneer Underwriters, XL Insurance and Caitlin Group.
In his new position, Greggains will oversee underwriting practices, strategic growth, client engagement and operational execution.
On Nov. 1, 2024, Novatae also launched a Miscellaneous Professional Liability Program aimed at small to mid-sized businesses with revenue up to $5 million. The program offers coverage across all 50 states, with premiums starting at $350 and multiple deductible options. It encompasses over 800 professional classes and is underwritten in-house by Novatae.
The company was also named 2024 Managing General Agency of the Year by the National Association of Professional Insurance Agents, recognizing its performance in the wholesale insurance segment.
