New Mountain Capital (New Mountain) announces the launch of VictoryRe, a new reinsurance platform marking the firm’s entry into the reinsurance carrier market. In connection with the launch, VictoryRe establishes NovaRe, a collateralised reinsurance vehicle designed to provide capacity to Novacore, an independent speciality insurance managing general agent (MGA). NovaRe will operate as a dedicated vehicle within VictoryRe and will reinsure select speciality 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. According to the firm, the launch of VictoryRe establishes a scalable foundation for its long-term strategy in insurance and reinsurance. The platform maintains flexibility to expand into additional lines of business and deepen partnerships across the carrier, reinsurance, and speciality programme ecosystem. Novacore delivers industry-specific insurance programmes through specialised underwriting and advanced technology. The company partners with more than 20,000 agents nationwide and offers more than 15 speciality programmes across a diverse set of markets. New Mountain is a New York-based investment firm that focuses on business building and growth. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with nearly US$60 billion in assets under management. Latham & Watkins LLP served as legal advisor to New Mountain and VictoryRe on the transaction.
