New Mountain Capital Launches VictoryRe: A New Era in Reinsurance

New Mountain Capital, LLC, a prominent alternative investment firm based in New York, has unveiled its new reinsurance platform, VictoryRe. This strategic move marks New Mountain's entry into the reinsurance sector with ambitions to build a diversified, multi-line platform. The launch includes NovaRe, a collateralized reinsurance vehicle designed to provide capacity to Novacore, an independent specialty insurance managing general agent.

NovaRe will focus on reinsuring selected specialty business generated by Novacore, seamlessly integrating underwriting, distribution, and long-term capital. This initiative represents New Mountain's initial steps towards developing a comprehensive insurance platform. With its extensive experience in financial services and insurance-related investments, VictoryRe is well-positioned for strategic growth and potential expansion into other insurance verticals.

VictoryRe intends to offer multi-year premium capacity to support Novacore’s operations, enhancing their market opportunities while maintaining balance sheet stability for carrier partners. NovaRe will engage in risk participation across diverse property and casualty portfolios, aligning the interests of capital providers, carrier partners, and Novacore’s underwriting teams.

Steve Klinsky, CEO of New Mountain, affirmed their commitment to specialty insurance, with plans to expand VictoryRe into complementary areas. Adam Weinstein, President, and Cyrus Moshiri, Managing Director, emphasized the strategic partnership with Novacore as a critical component of their broader reinsurance objectives.

Robert Mulcare, Managing Director at New Mountain, praised Novacore's prowess in identifying specialty markets. The alignment of long-term investment capital with well-managed specialty programs underscores disciplined risk management and sustainable value creation. This venture illustrates New Mountain’s approach of partnering with unique underwriting platforms and leveraging long-term capital across varied insurance markets for aligned outcomes.

Latham & Watkins LLP offered legal advisory services for this transaction, supporting New Mountain and VictoryRe in this significant industry initiative.