New Mountain Capital Launches VictoryRe, Establishes NovaRe Sidecar with Novacore to Expand Specialty Program Capacity

Business Wire

VictoryRe marks New Mountain’s entry into the reinsurance carrier market; NovaRe sidecar to provide capacity for Novacore’s MGA programs.

NEW YORK--(BUSINESS WIRE)--
New Mountain Capital, LLC (“New Mountain”), a leading growth-oriented alternative investment firm headquartered in New York, today announced the launch of VictoryRe, a new reinsurance platform, marking the firm’s entry into the reinsurance carrier market with a long-term vision to build a diversified, multi-line reinsurance platform.

In connection with this launch, VictoryRe has established NovaRe, a collateralized reinsurance vehicle designed to provide capacity to Novacore, an independent, next-generation specialty insurance managing general agent. NovaRe will operate as a dedicated vehicle within VictoryRe and will reinsure select specialty business originated by Novacore. The structure represents New Mountain’s first step in building an integrated insurance platform combining underwriting, distribution and long-term capital. VictoryRe is designed as a long-term platform to reinsure insurance liabilities through aligned capital solutions.

New Mountain brings deep experience investing across financial services and insurance-related platforms. The launch of VictoryRe establishes a scalable foundation for New Mountain’s long-term strategy in insurance and reinsurance, with flexibility to support expansion into additional insurance and reinsurance verticals over time. Through NovaRe, VictoryRe will support the continued growth of Novacore’s high-performing specialty programs while maintaining underwriting discipline and a long-term profitability focus.

VictoryRe 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.

Steve Klinsky, CEO and Founder at New Mountain stated, “The launch of VictoryRe and NovaRe reflects our conviction in specialty insurance and our strategy of building integrated and scaled businesses. We see significant opportunities to thoughtfully expand VictoryRe over time 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, affirmed New Mountain’s expansion goals in insurance, “The creation of VictoryRe and NovaRe are the product of a long-standing firm initiative to enter the reinsurance carrier space, and partnering with the Novacore team was a logical first step. We look forward to growing VictoryRe alongside Novacore and investing in additional areas within the insurance ecosystem, particularly those that benefit from long-duration capital and disciplined asset-liability management that are more asset intensive.”

Robert Mulcare, Managing Director at New Mountain, observed, “Novacore has consistently demonstrated its ability to identify attractive specialty markets and execute with underwriting precision. We are pleased to support this capital solution, which aligns long-term investment capital with a diversified portfolio of well-managed programs. The structure underscores our shared commitment to responsible growth, disciplined risk management and sustainable value creation across the specialty insurance landscape.”

The transaction reflects New Mountain’s strategy to partner with differentiated underwriting platforms and deploy long-duration capital across multiple insurance and reinsurance markets over time, where alignment between underwriting and capital can drive differentiated outcomes.

The launch of VictoryRe and NovaRe underscores New Mountain’s commitment to building a leading, diversified insurance platform while continuing to deepen partnerships across the carrier, reinsurance and specialty program ecosystem.

Latham & Watkins LLP served as legal advisor to New Mountain and VictoryRe on this transaction.

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.