Novacore, an independent specialty insurance managing general agent (MGA), has launched NovaRe, a new mortgage reinsurance sidecar powered by New Mountain Capital, LLC, a New York-based alternative investment firm, through the formation of VictoryRe.
NovaRe marks the company’s entry into the reinsurance carrier market with its long-term vision to build a diversified, multi-line platform. The tool is structured to align with the interests of operators and capacity partners in the Novacore hosting program.
Sidecar will operate as a purpose-built vehicle within VictoryRe, designed to provide incremental, multi-year premium capacity to support Novacore’s platform, enabling it to respond effectively to market opportunities while maintaining balance sheet stability for its operator partners, the company explained.
NovaRe will participate in a diversified property and casualty portfolio within the Novacore platform on a risk-added basis, coordinating capital providers, carrier partners and the company’s underwriting teams through shared risk and shared rewards.
Aaron Miller, CEO of Novacore, commented: “NovaRe represents a natural extension of our underwriting first philosophy. We are committed to growing with our operators and capacity partners in a regulated and sustainable manner.
“With the support of New Mountain Capital, we are able to thoughtfully expand capacity behind projects that demonstrate consistent performance, strong control and differentiated market positioning.”
Chase Clark, chief operating and underwriting officer at 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 move enhances our ability to support our operator partners in achieving capital efficient growth while maintaining the same rigorous standards as the Novacore brand.”
New Mountain managing director Robert Mulcare said: “Novacore has consistently demonstrated its ability to identify attractive specialty markets and execute with underwriting precision.
“This structure underscores our shared commitment to responsible growth, rigorous risk management and sustainable value creation across the specialty insurance sector.”
Cyrus Moshiri, Head of Structured Credit at New Mountain, added: “We are pleased to support this capital solution, which combines long-term investment capital with a well-managed, diversified portfolio of projects.”