Insurance brokerage Novatae Risk Group has taken over US-based Olympic Advisors, which operates as Nationwide Contractors’ Alliance (NWCA).
The deal value was not made public.
Based in Lacey, Washington, Olympic Advisors helps the construction industry and its insurers meet risk management requirements.
Working with the construction industry’s retail agents, NWCA offers personalised insurance policies via its wholesale insurance brokerage called Wise Insure.
Through its Trades Tracking services, the company also enables builders to manage their risk transfer.
Olympic Advisors and NWCA owner Treacy Duerfeldt said: “We are glad to be joining Novatae, a leading wholesale distributor that provides a full range of innovative programmes to their clients.”
Novatae Risk Group COO Steven Cook said: “I’m pleased to welcome Olympic Advisors and the NWCA to Novatae.
“I know they will be successful as part of our team.”
Giordano Halleran Ciesla served as legal counsel to Novatae, while Fortrust Diligence advised the company on the deal.
Davies Pearson offered legal counsel to Olympic Advisors, and Sound Business Brokers advised the firm on the transaction.
Novatae is a wholesale insurance brokerage that provides specialty insurance offerings for complex and hard-to-place risks.
It covers various sectors including property, casualty, workers’ compensation, cyber, inland marine/ocean marine, environmental, garage, and construction.
With 27 offices across the US, the company provides services to more than 6,000 customers.