Insurance broker Novella has secured $21m in funding to support broker recruitment, technology development and the rollout of regional offices across the US.
The New York-headquartered operator, which also runs a research and development operation in Tel Aviv, Israel, has already established a presence in Miami, Florida, and Houston, Texas, this year, with a southern California location scheduled to open in the second quarter.
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Brewer Lane Ventures led the funding round, joined by global insurer Arch, Avid Ventures, Blank Ventures, Box Group, Crystal Venture Partners, SV Angel and Verissimo Ventures.
Proceeds will be directed in part towards the ongoing buildout of Novella’s proprietary AI platform, which the company says handles billing, binding, endorsements, form comparison, inspections, placement, policy review, renewals and subjectivity collection.
Founder and CEO Max Kane said the company aims to become a “top five” US wholesale excess and surplus broker, targeting $10bn in premium within the decade.
Kane said: “We believe pairing world-class producers with world-class AI is the recipe for success. AI will make the best producers far better at their job, enabling them to better serve clients and focus on building bigger, more profitable books of business.”
The broker holds licences across all 50 US states and has secured appointments from close to 100 specialty carriers and managing general agents to place property and casualty business.
According to Novella, more than 3,500 retail agencies are currently routing business through the company.
Novella was established in 2024 by Kane, alongside chief technology officer Michael Tsibelman and head of brokerage Alex Broome.
The company has also taken part in the Lloyd’s Lab start-up programme.
Brewer Lane Ventures general partner Chris Downer added: “Wholesale broking, at heart, is about human relationships. Our producers need to be close to our retail brokers, so we will be expanding strategically across the country over the coming years. Novella is the first wholesaler to effectively blend AI and talent.”
