CONSHOHOCKEN, PA — Specialty insurer Novacore is expanding into the environmental insurance market by launching a new underwriting division focused on environmental remediation and pollution liability, positioning the company to compete in a segment projected to grow significantly over the next several years.
The company reported the new Environmental segment will begin writing business later this year, initially offering Environmental Remediation Cost Cap (ECC) and Pollution Legal Liability (PLL) products. Underwriting guidelines and program details will be released before operations begin.
The expansion broadens Novacore’s specialty insurance platform into environmental risks, where insurers provide coverage for cleanup costs, pollution liability and other long-tail environmental exposures.
To lead the business, Novacore hired three environmental insurance executives with decades of industry experience.
Cole Russo was appointed president of the Environmental segment. Russo has more than 30 years of experience spanning underwriting, broking and claims management, including leadership roles at Marsh, Willis, Aon and Crawford & Company. He also founded Cole Russo & Company, which specialized in insurance products for private equity firms.
Roland Costanzo joined as chief operating officer and executive vice president of underwriting after holding senior environmental management and claims positions, including roles at AIG and Hertz Corp.
Al Nesheiwat was named vice president and senior underwriter. His background includes environmental claims management at AIG, environmental affairs leadership at Witco Chemical Company and regulatory work with the U.S. Environmental Protection Agency’s Region II office.
The three executives previously worked together as founding members of Ryan Transactional Risk Enviro and later helped develop and manage North Branch Global Risk, a managing general agency specializing in environmental cost cap insurance.
“Roland, Al and I are delighted to become part of the Novacore team and to spearhead their environmental segment,” Russo stated. “Novacore’s disciplined underwriting approach and commitment to profitability align completely with our viewpoint and goals.”
Chief Executive Officer Aaron Miller characterized the hires as central to the company’s strategy of expanding while maintaining underwriting discipline.
“Their track record of underwriting with precision and managing claims to protect the bottom line is exactly the kind of leadership we want anchoring this platform as we scale,” Miller stated.
Novacore cited industry projections from Research and Markets estimating global environmental remediation and cleanup spending will increase from $149.5 billion in 2026 to more than $258 billion by 2032, with North America accounting for more than 40% of that market. The company identified those trends as supporting demand for specialized environmental insurance products.
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