Novel Financial Holdings Forms to Oversee Insurance Carriers Supporting Managing General Underwriters

Led by respected industry veterans, Novel will partner with market-leading MGUs to deliver superior returns for its shareholders.

JERSEY CITY, N.J.--(BUSINESS WIRE)--
Novel Financial Holdings LLC (“Novel”), an independent holding company, today announced its formation and the appointment of its executive leadership team. Together, its leaders represent decades of experience and a proven track record of innovation in underwriting, reinsurance, finance, and analytics.

• Jacques Bonneau, Chairman: A highly regarded leader in the global re(insurance) sector, Bonneau most recently served as CEO and President of Partner Re.
• Rob Bredahl, Chief Executive Officer: With a distinguished career that spans reinsurance, broking, and investment banking, Bredahl currently serves and will continue to serve as Vice Chairman of Howden Re and Executive Chairman of Howden Capital Markets and Advisory.

• Chris Coleman, Chief Financial Officer: Bringing three decades of financial and insurance experience to his role, Coleman was most recently the Group CFO of Aspen Insurance Group.

• David Drury, Head of Analytics & Risk: With more than 35 years of actuarial and underwriting experience, Drury previously served as EVP of Underwriting at SiriusPoint and is a Fellow of the Casualty Actuarial Society.
  

The announcement follows Novel’s recent acquisition of Forza Insurance Holdings, which owns the attorney-in-facts (AIFs) of SureChoice Underwriters Reciprocal Exchange (SURE) and Elevate Reciprocal Exchange (Elevate). These policyholder-owned insurance companies are managed by Novel and write business through a strategic partnership with SageSure, one of the largest MGUs focused on catastrophe-exposed property markets in the United States.

By combining fee income from insurance services, including AIFs, and the underwriting performance from insurance carriers, Novel plans to build a diversified underwriting and insurance services business.

Novel expects to generate superior returns for its shareholders through increased scale and diversification, in terms of both underwriting exposures and type of revenue, combined with expert program partner selection.

About Novel Financial Holdings LLC

Novel Financial Holdings LLC is an independent holding company that oversees insurance carriers supporting managing general underwriters (MGUs). Novel will manage both policyholder-owned reciprocal exchanges through ownership of attorney-in-facts (AIFs) and traditional stock insurance companies through direct ownership and service contracts. By combining the fee income from AIFs and other service arrangements with underwriting results from insurance carriers, Novel will build a diversified underwriting and insurance services business. For more information, visit novelfh.com.

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Source: Novel Financial Holdings LLC