New Mountain Capital, LLC, announced the launch of VictoryRe, a new reinsurance platform that marks the firm’s entry into the reinsurance carrier market. At the same time, VictoryRe has established NovaRe, a collateralized reinsurance vehicle designed to provide capacity to Novacore, an independent specialty insurance managing general agent. Together, these developments represent an initial step in building an integrated insurance platform that combines underwriting, distribution, and long-term capital.
VictoryRe serves as a long-term platform focused on reinsuring insurance liabilities through aligned capital solutions. In connection with this strategy, NovaRe operates as a dedicated vehicle within VictoryRe and reinsures select specialty business originated by Novacore. This structure reflects New Mountain’s broader goal of creating a diversified, multi-line reinsurance platform over time.
New Mountain brings experience investing across financial services and insurance-related platforms. As a result, the launch of VictoryRe establishes a scalable foundation for the firm’s long-term insurance and reinsurance strategy. The platform also provides flexibility to support expansion into additional insurance and reinsurance verticals. Through NovaRe, VictoryRe supports the continued growth of Novacore’s specialty programs while maintaining underwriting discipline and a focus on long-term profitability.
VictoryRe plans to provide incremental, multi-year premium capacity to support Novacore’s platform. This approach allows for efficient responses to market opportunities while helping preserve balance sheet stability for carrier partners. In addition, NovaRe participates on a risk-attaching basis across diversified property and casualty portfolios within Novacore’s platform. This structure aligns capital providers, carrier partners, and underwriting teams through shared risk and shared return.
Steve Klinsky, CEO and Founder of New Mountain, stated that the launch reflects the firm’s conviction in specialty insurance and its strategy of building integrated and scaled businesses. He also noted that the firm sees opportunities to expand VictoryRe across complementary areas of the insurance and reinsurance market.
Adam Weinstein, President and COO of New Mountain, and Cyrus Moshiri, Managing Director and Head of Structured Credit, emphasized that the creation of VictoryRe and NovaRe results from a long-standing initiative to enter the reinsurance carrier space. They stated that partnering with Novacore represents a logical first step and highlighted plans to grow VictoryRe while investing in additional areas of the insurance ecosystem. They also pointed to opportunities in sectors that benefit from long-duration capital and disciplined asset-liability management.
Robert Mulcare, Managing Director at New Mountain, highlighted Novacore’s ability to identify specialty markets and execute with underwriting precision. He stated that the capital solution aligns long-term investment capital with a diversified portfolio of programs. He also noted that the structure supports responsible growth, disciplined risk management, and sustainable value creation across the specialty insurance landscape.
The transaction reflects New Mountain’s broader strategy of partnering with differentiated underwriting platforms and deploying long-duration capital across insurance and reinsurance markets. This approach focuses on aligning underwriting and capital to support long-term outcomes.
The launch of VictoryRe and NovaRe also underscores New Mountain’s commitment to building a diversified insurance platform while strengthening partnerships across carriers, reinsurers, and specialty program providers.
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, then works intensively with management to build the value of these companies. For more information, visit www.newmountaincapital.com.
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