Steve Klinsky, CEO and founder of New York-headquartered New Mountain, said the launch of VictoryRe and NovaRe underscores the firm’s conviction in the specialty insurance sector, with plans to expand over time into complementary areas of the insurance and reinsurance market.
VictoryRe, a newly established reinsurance platform, marks New Mountain’s entry into the reinsurance carrier market. In connection with the launch, VictoryRe has established NovaRe, a collateralised reinsurance vehicle designed to provide capacity to Novacore, an independent next-generation specialty insurance managing general agent.
New Mountain explained that NovaRe will operate as a dedicated vehicle within VictoryRe and reinsure select specialty business originated by Novacore.
The structure represents New Mountain’s first step in building an integrated insurance platform combining underwriting, distribution and long-term capital.
VictoryRe is reportedly designed as a long-term platform to reinsure insurance liabilities through aligned capital solutions.
According to New Mountain, the launch of VictoryRe establishes a scalable foundation for the firm’s long-term strategy in insurance and reinsurance, with flexibility to support expansion into additional insurance and reinsurance verticals over time.
Through NovaRe, VictoryRe will support the continued growth of Novacore’s specialty programs while maintaining underwriting discipline and a long-term profitability focus.
Steve Klinsky, CEO and Founder at New Mountain, commented, “The launch of VictoryRe and NovaRe reflects our conviction in specialty insurance and our strategy of building integrated and scaled businesses.
“We see significant opportunities to thoughtfully expand VictoryRe over time across complementary areas of the insurance and reinsurance market.”
Adam Weinstein, President and COO of New Mountain, and Cyrus Moshiri, Managing Director and Head of Structured Credit, said, “The creation of VictoryRe and NovaRe are the product of a long-standing firm initiative to enter the reinsurance carrier space, and partnering with the Novacore team was a logical first step.
“We look forward to growing VictoryRe alongside Novacore and investing in additional areas within the insurance ecosystem, particularly those that benefit from long-duration capital and disciplined asset-liability management that are more asset-intensive.”
