CONSHOHOCKEN, PA — Novacore said it recently launched NovaRe, a collateralized reinsurance vehicle designed to provide additional capacity for its managed insurance programs, with support from New Mountain Capital through a platform called VictoryRe.
The company said NovaRe will operate as a dedicated vehicle within VictoryRe and marks its entry into the reinsurance carrier market.
NovaRe is intended to provide multi-year premium capacity and participate on a risk-attaching basis across diversified property and casualty portfolios within Novacore’s platform, the company said.
The structure is designed to align capital providers, carrier partners, and underwriting teams through shared risk and returns, according to Novacore.
“NovaRe represents a natural extension of our underwriting-first philosophy,” Chief Executive Officer Aaron Miller said, adding that the company plans to expand capacity behind programs with consistent performance and controls.
Chief Operating and Underwriting Officer Chase Clark said the initiative is intended to support carrier partners with capital-efficient growth while maintaining underwriting standards.
“Novacore has consistently demonstrated its ability to identify attractive specialty markets and execute with underwriting precision,” Robert Mulcare, a managing director at New Mountain, said.
Cyrus Moshiri, head of structured credit at New Mountain, said the structure is designed to align long-term investment capital with a diversified portfolio of programs.
Novacore provides specialty insurance programs through underwriting and carrier partnerships and traces its origins to NSM Insurance Group, which has operated for more than 35 years.
The company said it works with more than 20,000 agents nationwide and offers more than 15 specialty programs across multiple markets.
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