Novacore Launches New Mountain Capital-Backed Sidecar to Expand Specialty Program Capacity

NovaRe, Novacore's new collateralized reinsurance vehicle backed by New Mountain Capital's VictoryRe, will provide capacity for Novacore's MGA programs and enhance multi-year growth across the diversified P&C platform.

CONSHOHOCKEN, Pa., April 13, 2026 /PRNewswire/ -- Novacore, an independent, next-generation specialty insurance managing general agent, announced the launch of NovaRe, a new collateralized reinsurance vehicle structured to align interests with carrier and capacity partners across its managed programs. NovaRe is supported by New Mountain Capital, LLC ("New Mountain"), a leading growth-oriented alternative investment firm headquartered in New York and Novacore's strategic capital partner, via the establishment of VictoryRe. This new platform marks the firm's entry into the reinsurance carrier market with a long-term vision to build a diversified, multi-line reinsurance platform. NovaRe will operate as a dedicated vehicle within VictoryRe.

The sidecar intends to provide incremental, multi-year premium capacity to support Novacore's platform, enabling efficient response to market opportunities while preserving balance sheet stability for carrier partners. NovaRe will participate on a risk-attaching basis across diversified property and casualty portfolios within Novacore's platform, aligning capital providers, carrier partners and Novacore's underwriting teams through shared risk and shared return.

Aaron Miller, Chief Executive Officer of Novacore, stated, "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 programs that have demonstrated consistent performance, strong controls and differentiated market positioning."

Chase Clark, Chief Operating & Underwriting Officer of Novacore, noted, "Our platform has always been built on underwriting expertise, diversified distribution and disciplined program management with profitability always being our primary focus. This initiative strengthens our ability to support carrier partners with capital-efficient growth while maintaining the same rigorous standards that define the Novacore brand."

Robert Mulcare, Managing Director at New Mountain, observed, "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." Cyrus Moshiri, Head of Structured Credit at New Mountain added, "We are pleased to support this capital solution, which aligns long-term investment capital with a diversified portfolio of well-managed programs."

The launch of this sidecar underscores Novacore's continued commitment to innovation in specialty program management while continuing to deepen partnerships across the carrier, reinsurance and specialty program ecosystem.

About Novacore
Novacore is an independent, next-generation specialty insurance provider with a bold mission: transforming insurance — for agents, carrier partners, clients and the future. Building on the 35-year track record of NSM Insurance Group, Novacore delivers industry-specific insurance programs through specialized underwriting, advanced technology and trusted carrier partnerships. The company partners with more than 20,000 agents nationwide and offers 15+ specialty programs across a diverse set of markets. For more information, visit novacore.com.

About New Mountain
New Mountain is a New York-based investment firm that emphasizes business building and growth, rather than excessive risk, as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with nearly $60 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information, visit www.newmountaincapital.com.

SOURCE Novacore