Novacore, an independent, specialty insurance managing general agent (MGA), has launched NovaRe, a new collateralised reinsurance sidecar backed by New York-based alternative investment firm, New Mountain Capital, LLC, through the establishment of VictoryRe.
NovaRe marks the firm’s entry into the reinsurance carrier market with a long-term vision to build a diversified, multi-line platform. The vehicle has been structured to align interests with carrier and capacity partners across Novacore’s managed programmes.
The sidecar will operate as a dedicated vehicle within VictoryRe, and intends to provide incremental, multi-year premium capacity to support Novacore’s platform, enabling efficient response to market opportunities while preserving balance sheet stability for carrier partners, explained the firm.
NovaRe will participate on a risk-attaching basis across diversified property and casualty portfolios within Novacore’s platform, aligning capital providers, carrier partners and the company’s underwriting teams through shared risk and shared return.
Aaron Miller, Chief Executive Officer, Novacore, commented, “NovaRe represents a natural extension of our underwriting-first philosophy. We are committed to growing with our carrier and capacity partners in a disciplined and sustainable manner.
“With the support of New Mountain Capital, we are able to thoughtfully expand capacity behind programs that have demonstrated consistent performance, strong controls and differentiated market positioning.”
Chase Clark, Chief Operating & Underwriting Officer, Novacore, added, “Our platform has always been built on underwriting expertise, diversified distribution and disciplined program management, with profitability always being our primary focus.
“This initiative strengthens our ability to support carrier partners with capital-efficient growth while maintaining the same rigorous standards that define the Novacore brand.”
Robert Mulcare, Managing Director, New Mountain, said, “Novacore has consistently demonstrated its ability to identify attractive specialty markets and execute with underwriting precision.
“The structure underscores our shared commitment to responsible growth, disciplined risk management and sustainable value creation across the specialty insurance landscape.”
Cyrus Moshiri, Head of Structured Credit, New Mountain, added, “We are pleased to support this capital solution, which aligns long-term investment capital with a diversified portfolio of well-managed programs.”
