New Mountain Capital has launched a new reinsurance platform, VictoryRe, marking the private equity firm’s formal entry into the reinsurance carrier market as it looks to build a broader multi-line reinsurance business.
As part of the launch, VictoryRe has established NovaRe, a collateralized reinsurance sidecar that will provide dedicated capacity to specialty managing general agent Novacore.
NovaRe will reinsure select specialty property and casualty business originated by Novacore and participate on a risk-attaching basis across diversified portfolios within the MGA’s platform.
The move reflects continued investor interest in specialty program business and MGA-aligned capacity structures, as alternative capital providers seek greater access to underwriting economics while specialty program administrators pursue more stable, long-term sources of reinsurance support.
New Mountain said VictoryRe is intended to serve as a scalable platform through which it can expand into additional insurance and reinsurance segments over time.
Steve Klinsky, founder and CEO of New Mountain, said the launch reflects the firm’s conviction in specialty insurance and its strategy of building integrated platforms across underwriting and capital provision.
“The launch of VictoryRe and NovaRe reflects our conviction in specialty insurance and our strategy of building integrated and scaled businesses,” Klinsky said. “We see significant opportunities to thoughtfully expand VictoryRe over time across complementary areas of the insurance and reinsurance market.”
According to the company, VictoryRe intends to provide multi-year premium capacity to support Novacore’s specialty programs, with the structure designed to offer carrier partners additional balance sheet support while aligning capital providers with underwriting performance.
Adam Weinstein, president and COO of New Mountain, and Cyrus Moshiri, managing director and head of structured credit, said the launch follows a longstanding initiative to enter the reinsurance carrier market and signals broader ambitions across the insurance ecosystem.
“The creation of VictoryRe and NovaRe are the product of a long-standing firm initiative to enter the reinsurance carrier space,” they said.
The transaction also underscores the continued convergence of private equity, alternative capital, and specialty insurance platforms, with investment firms increasingly seeking vertically integrated structures that combine underwriting, distribution, and balance sheet capacity.
For the reinsurance market, the launch adds another source of collateralized specialty capacity at a time when MGA program business remains an area of significant investor focus.
Latham & Watkins LLP served as legal advisor to New Mountain and VictoryRe on the transaction.
