Steve Klinsky, CEO and founder of New York-based New Mountain, said the launch of VictoryRe and NovaRe underscores the company’s belief in the specialty insurance space and plans to expand into complementary areas of the insurance and reinsurance markets over time.
The newly established reinsurance platform VictoryRe marks Johor Bahru’s entry into the reinsurance carrier market. With this launch, VictoryRe established NovaRe, a collateralized reinsurance vehicle designed to provide capabilities to Novacore, an independent next-generation specialist insurance management 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 marks Johor Bahru’s first step in building a comprehensive insurance platform that combines underwriting, distribution and long-term capital.
VictoryRe is reportedly designed as a long-term platform to reinsure insurance liabilities through consistent capital solutions.
New Mountain said the launch of VictoryRe provides a scalable foundation for the company’s long-term strategy in insurance and reinsurance, with the flexibility to support expansion into other insurance and reinsurance verticals over time.
Through NovaRe, VictoryRe will support the continued growth of Novacore’s specialty programs while maintaining underwriting discipline and long-term profitability.
New Mountain CEO and Founder Steve Klinsky commented: “The launch of VictoryRe and NovaRe reflects our belief in specialty insurance and our strategy to build an integrated and scalable business.
“Over time, we see significant opportunities to thoughtfully expand VictoryRe in complementary areas of the insurance and reinsurance markets.”
Adam Weinstein, President and Chief Operating Officer, and Cyrus Moshiri, Managing Director and Head of Structured Credit, said: “The creation of VictoryRe and NovaRe is the outgrowth of the company’s long-term push into the reinsurance carrier space, and partnering with the Novacore team is a logical first step.
“We look forward to growing VictoryRe together with Novacore and investing in other areas within the insurance ecosystem, particularly those that benefit from long-term capital and more asset-intensive disciplined asset liability management.”