Novacore, an independent specialty insurance provider, has entered into an agreement to acquire Minglewood Risk, a managing general agent (MGA) specializing in habitational and real estate coverages.
The acquisition expands Novacore's real estate segment and sets the stage for a stronger presence in New York City's five boroughs, one of the most complex and capacity-constrained property insurance markets in the US.
Aaron Miller, CEO of Novacore, said the deal represents a significant milestone for the firm.
"The acquisition of Minglewood Risk is not just a growth opportunity; it's a significant leap towards our mission of redefining the specialty insurance landscape," Miller noted, pointing to Novacore's aim of blending technology with deep underwriting expertise.
Founded in Langhorne, PA, Minglewood Risk has built a strong reputation for delivering commercial package (property and general liability) and excess & umbrella solutions for residential real estate. Its core markets span New York, New Jersey, Pennsylvania, Colorado and California, with a leadership team bringing more than 40 years of combined experience.
Jon Hill, president of Minglewood Risk, said the partnership enhances the firm's ability to scale.
"This combination positions us to accelerate growth - particularly in the five boroughs of New York, where habitational demand continues to evolve. With Novacore, we are on track to achieve new levels of success while staying true to the values that have guided our business from the start," Hill added.
A challenging market landscape
The acquisition comes amid ongoing strain in the US real estate and habitational insurance sectors. Insurers continue to face rising property valuations, increasing repair and replacement costs, and heightened claims frequency linked to natural catastrophes and secondary perils.
For property owners and landlords, these shifts have made coverage harder to obtain and more expensive, leaving brokers to seek alternative solutions through MGAs and specialty programs.
At the same time, liability exposures are growing. Aging infrastructure, stricter regulatory requirements and tenant-related claims are driving more complex risk scenarios, further challenging traditional underwriting models.
MGAs with specialized knowledge, like Minglewood Risk, have emerged as vital players in bridging the gap between constrained carrier appetite and rising client demand. Their ability to design tailored solutions and navigate nuanced risks has positioned them as trusted partners for brokers looking to secure cover in difficult markets.
By acquiring Minglewood, Novacore is betting on the continued importance of specialist underwriting platforms that combine market expertise with innovative tools.
Charles Thomas, managing member of Minglewood Risk, said the transaction underscores confidence in the business's foundation. "This transaction underscores the quality of what we've built at Minglewood Risk and paves the way for our team to grow even faster with Novacore's scale and technology."
