Specialty insurance platform Novacore has launched NovaRe, a collateralised reinsurance sidecar backed by New Mountain Capital, to expand capacity and support long-term growth.
The company said NovaRe will add capacity across its existing programmes while supporting the sustained, multi-year expansion of its broader property and casualty (P&C) platform.
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Novacore CEO Aaron Miller said: “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 programmes that have demonstrated consistent performance, strong controls and differentiated market positioning.”
The new vehicle will operate within VictoryRe, which was established by New York-based investment firm New Mountain Capital as part of its backing for Novacore.
Through the structure, Novacore is extending its presence into the reinsurance carrier segment and plans to build a diversified, multi-line platform over time.
NovaRe is designed to provide additional multi-year premium capacity across Novacore’s managing general agent operations.
The sidecar will participate on a risk-attaching basis across a range of P&C portfolios, allowing capital providers, carrier partners and underwriting teams to share exposure and returns.
The arrangement is intended to help Novacore respond more effectively to market opportunities while preserving balance sheet stability for carrier partners.
It also strengthens underwriting alignment by linking risk participation with capital support and aligning the interests of capital providers and carrier partners as part of the company’s long-term growth strategy in specialty insurance.
New Mountain Capital managing director Robert Mulcare added: “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.”
