Novel Financial Holdings has secured an investment from Flexpoint Ford, a specialist private equity firm, to support its continued expansion as a diversified underwriting and insurance services holding company.
Funded through Flexpoint Asset Opportunity Fund III and Flexpoint Insurance Opportunity Fund I, the capital investment broadens Novel’s ownership base and reinforces its position as an independent insurance platform.
Launched in May 2025 with former PartnerRe CEO Jacques Bonneau as Chairman and Howden Re’s Rob Bredahl as CEO, Novel manages both policyholder-owned reciprocal exchanges through ownership of attorney-in-fact (AIF) entities and traditional stock insurance companies through direct ownership and service contracts.
By integrating fee income from AIFs with underwriting results from its carriers, Novel enhances scale and diversification across various revenue types and exposures.
The platform benefits from expert program selection and partnerships with established firms like SageSure Insurance Managers LLC.
Currently, Novel’s portfolio includes Forza Insurance Holdings – managing SURE and Elevate reciprocals – and the GeoVera Nova group, supporting a broad array of residential and commercial insurance products, including A.M. Best rated entities.
On April 1, 2026, GeoVera Nova became a wholly owned subsidiary of Novel via a share exchange among substantially common existing shareholders, bringing the business under Novel as part of the Company’s planned build-out of a diversified insurance platform.
GeoVera Nova is to keep its current leadership team and underwriting, claims, and distribution relationship with SageSure, while gaining Novel’s executive support.
AM Best recently affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) of GeoVera Nova’s rated members, each with a stable outlook.
“As we continue to scale and diversify Novel, we are excited to partner with Flexpoint given their deep investment experience across the insurance value chain. Flexpoint brings not only flexible capital but also meaningful sector expertise and relationships that will support our growth for years to come,” said Rob Bredahl, Chief Executive Officer of Novel.
Dominic Hood, Managing Director of Flexpoint, noted, “We have known Rob and the Novel management team for many years and have great admiration for what they have accomplished across the insurance industry.
“We are excited to support Novel’s build-out as a differentiated holding company in the P&C insurance sector that combines fee-based insurance services with the ability to deploy balance sheet capital across multiple classes of business and throughout the underwriting cycle.”
