Novacore

What Novacore does

Novacore is a specialty insurance platform operating as a Managing General Agent (MGA) and Managing General Underwriter (MGU), distributing 20+ specialty insurance programs and two retail agencies through a network of 20,000+ independent insurance agents and brokers across the United States. The platform is organized into eight vertical segments — Alternative Risk, Diversified B2B, Healthcare, Real Estate, Reinsurance, Social Services, Specialty Transportation, and Distribution — covering complex and hard-to-place risks including behavioral health, addiction treatment, employer stop loss, coastal condominiums, habitational real estate, trucking, school bus contractors, staffing, professional liability for architects and engineers, lender-placed insurance for financial institutions, and transactional risk for M&A. The company generates revenue through underwriting commissions and profit-sharing arrangements with carrier partners on $1.5B+ in aggregated premium volume, with pricing determined on a per-risk quote basis.

Novacore is backed by New Mountain Capital (approximately $60 billion AUM), which acquired the U.S. Commercial Insurance Division of NSM Insurance Group in February 2025 and rebranded the platform to Novacore in April 2025. The company has since executed an aggressive growth strategy through three acquisitions (Minglewood Risk, CP Insurance Associates, Euclid Design Underwriters), launched new product lines including Zion Underwriting for transactional risk and an Aerospace segment, and entered the reinsurance carrier market via NovaRe, a collateralized reinsurance sidecar backed by New Mountain Capital's VictoryRe platform. Underwriting is supported by proprietary technology platforms including AlisX for lender-placed insurance tracking and TrueAdvantage for trucking program management, augmented by an AI-driven underwriting analytics layer that uses large language models (Anthropic's Claude Opus) to streamline risk assessment and operational workflows.

The platform serves agents and their commercial insurance clients rather than end customers directly, with programs distributed exclusively through independent agents and brokers. Carrier partners include A-rated and A+ rated providers such as Great American Insurance Group for the Sports and Wellness Program. Leadership is anchored by a complete C-suite (CEO, COO/CUO, CFO, CTO/AI Officer, CRO, CGO, Chief Actuary, General Counsel, Chief People Officer) plus segment Presidents for each of the eight verticals, supporting a multi-program specialty insurance model that aims to consolidate niche underwriting capabilities under one technology-enabled distribution platform.

Name

Novacore

Legal name

Novacore

Website

https://novacore.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

251–500 employees

Short description

Novacore is a specialty insurance MGA/MGU operating 20+ programs across eight verticals including healthcare, real estate, transportation, social services, and professional liability, distributing through 20,000+ independent agents with $1.5B+ in premium volume and PE backing from New Mountain Capital.

Ownership category

akta.pro rank

Product category

Specialty Insurance (MGA/MGU)

NAICS

Finance and Insurance (52)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Insurance Program Administration & MGA/MGU Services (FSAEADAK)

Keywords

• Specialty insurance programs
• Managing general agent
• Commercial underwriting services
• Professional liability coverage
• Insurance distribution network

Headquarters

HQ city

Conshohocken

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Premium Revenue: Novacore operates as a Managing General Agent (MGA) earning revenue through underwriting commissions and profit sharing arrangements with carrier partners. The company aggregates premiums across 20+ specialty programs totaling $1.5B+ in premium volume, earning a percentage of premiums written.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Novacore is a specialty insurance Managing General Agent/Managing General Underwriter (MGA/MGU) that underwrites and administers 20+ specialty insurance programs across healthcare, real estate, specialty transportation, social services, professional liability, alternative risk, reinsurance and diversified B2B. It earns revenue through underwriting commissions and profit-sharing arrangements with carrier partners, distributing coverage exclusively through a network of 20,000+ independent insurance agents and brokers, with $1.5B+ in aggregate premium volume.

Product overview

Novacore is a specialty insurance platform operating as a Managing General Agent (MGA) and Managing General Underwriter (MGU) with 20+ specialty programs and 2 retail agencies. The platform is organized into eight segments: Alternative Risk (including Zion Underwriting for transactional risk), Diversified B2B, Healthcare (including Carbon Stop Loss Solutions), Real Estate (including HabPro, CHAMP, CPIA, Minglewood Risk), Reinsurance (including NovaRe sidecar and Strategic Underwriters International), Social Services (including ATP, Care Providers, Sports & Wellness), Specialty Transportation (including KBK, SBIS, True Transport Insure), and Distribution (including NSM Insurance Brokers, GIG, AllComp, Staffing Lines, Shield). Backed by $1.5B+ in premium and 20,000+ agent partners, the platform combines underwriting expertise with technology and analytics. Recent acquisitions include CP Insurance Associates (February 2026) and Minglewood Risk (October 2025), and new launches include NovaRe reinsurance sidecar and Aerospace segment (April 2026).

Differentiator

Problem solved

Functional benefit

Brands

• AllComp Solutions: Workers' compensation insurance solutions for staffing agencies with 25+ years of experience and coverage across 300+ class codes.
• ATP (Addiction Treatment Providers)
• Carbon Stop Loss Solutions
• Care Providers Insurance Services (CPS)
• CHAMP
• CP Insurance Associates (CPIA)
• Gifford Wells Insurance
• GIG Insurance Group
• HabPro Insurance
• KBK Insurance Group
• NSM Insurance Brokers
• Professional Underwriters Agency (PUA)
• School Bus Insurance Solutions (SBIS)
• Sports & Wellness Insurance
• Staffing Lines
• True Transport Insure (TTI)
• Zion Underwriting

Products and services

• Zion Underwriting Transactional risk insurance program providing representations and warranties insurance (RWI), tax liability insurance, and contingent risk insurance for M&A and complex corporate transactions, offered to PE firms, corporate acquirers, investment banks and M&A advisors via Novacore's Alternative Risk segment.
• AllComp Solutions Workers' compensation insurance program providing access to low-cost coverage from a robust network of top-rated carriers across 300+ approved class codes in all 50 states, targeted at staffing agencies.
• ATP (Addiction Treatment Providers) Specialized insurance solutions for the behavioral health space, providing expert underwriting and tailored coverage for addiction treatment providers (opioid treatment programs, office-based opioid treatment providers) since 2006.
• Carbon Stop Loss Solutions Employer stop loss and managed care reinsurance program uniting IOA Re, Sequoia Reinsurance Services and Rockport Benefits, enabling self-insured employer groups, HMOs and healthcare providers to manage medical risks and protect against catastrophic losses.
• Care Providers Insurance Services (CPS) Specialty insurance program for nonprofits and human service organizations providing comprehensive coverage for the social services sector, with 25+ years of industry leadership.
• CHAMP Coastal Condo Insurance Package insurance program for coastal, wind-exposed condominium associations available from Maine through Georgia, with an 18-year track record of providing wind capacity.
• CP Insurance Associates (CPIA) Managing general agency specializing in lender-placed insurance and comprehensive services for financial institutions, including processing, tracking, escrow services, mortgage impairment, and claims processing, with licensing in 49 states.
• Gifford Wells Insurance All-lines independent agency offering customized coverage through admitted carriers, non-standard markets, and specialty programs for hard-to-place risks.
• GIG Insurance Group Community association insurance program providing D&O liability, crime and workers' comp coverage for condominium and homeowners associations.
• GIG Professional Programs Specialty legal malpractice insurance program based in Florida specializing in protecting attorneys from complex professional liability exposures.
• HabPro Insurance Commercial real estate insurance program specializing in package and mono-line property coverage for apartments and condominiums, with coverage up to $75M TIV per location.
• KBK Insurance Group Property and casualty insurance program providing solutions for hard-to-place commercial risks including tow truck companies, garage and repair shops, used car dealers, heavy truck dealers, and auto salvage and dismantlers, with more than three decades of experience.
• Minglewood Risk Managing general agent offering Commercial Package and Excess & Umbrella coverage for residential real estate, with strong presence in New York, New Jersey, Pennsylvania, Colorado, and California.
• NSM Insurance Brokers Retail specialty insurance brokerage offering tailored coverage and risk management solutions for niche industries.
• Professional Underwriters Agency (PUA) Professional liability insurance program focused on Architects and Engineers (A&E), Design-Build & Contractors, Miscellaneous Professional Liability, and Excess Limits, with 100+ years of combined underwriting experience since 1990.
• School Bus Insurance Solutions (SBIS) Specialty insurance and risk management services tailored for school bus contractors, backed by an A++ rated carrier.
• Shield Commercial Insurance Services Specialty insurance program exclusively focused on small and mid-sized contractors, offering General Liability, Excess Liability, Workers' Compensation, Inland Marine, and Contractors Professional & Pollution Liability coverage.
• Sports & Wellness Insurance Specialized insurance solutions for sports and wellness facilities including boutique fitness studios, youth sports programs, multiuse athletic spaces, and martial arts studios, backed by Great American Insurance Company's AM Best A+ (Superior) rating.
• Staffing Lines Workers' compensation insurance program for temporary, permanent and outplacement staffing agencies, and Novacore's longest-running specialty program since 1994.
• Strategic Underwriters International (SUI) Reinsurance underwriting business focused on creative, innovative and profitable underwriting solutions with service for partners.
• True Transport Insure (TTI) Turnkey trucking insurance program providing comprehensive coverage for motor carriers and owner-operators, backed by more than 20 years of specialized trucking expertise and the TrueAdvantage insurance management platform.
• NovaRe Reinsurance Sidecar Collateralized reinsurance sidecar backed by New Mountain Capital through VictoryRe, providing incremental multi-year premium capacity across Novacore's diversified property and casualty portfolios.
• Aerospace Insurance Segment Specialized aerospace underwriting program delivering solutions for aviation and space risk markets, led by Rob Schenone (Head of Space) and Tom Callahan (Head of Aviation), both industry veterans with 35+ years of aerospace underwriting experience from AXA XL.

Quantifiable outcome

• 20,000+ agent relationships driving distribution across specialty segments
• +1 more outcomes

Named customers4 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Euclid Design UnderwriterscoreStrategic or Co-development Partner · 8 June 2026Euclid Design Underwriters was acquired and integrated into Novacore's Professional Underwriters Agency (PUA) program. The specialized MGA focuses on errors and omissions coverage for architects, engineers, and design professionals. MarshBerry served as exclusive financial advisor to Euclid Design on the transaction. This acquisition enhances PUA's capabilities in the A&E professional liability segment.
• Great American Insurance GroupcoreStrategic or Co-development Partner · 20 January 2026Great American Insurance Group's Specialty Human Services Division collaborates with Novacore's Sports and Wellness Program to provide comprehensive insurance solutions for sports and wellness organizations nationwide. Coverage is backed by Great American Insurance Company's AM Best 'A+' (Superior) rating, with Novacore handling in-house underwriting and risk management services.

Scale indicators6 records

Recent moves9 records

Expansion highlights6 records

Others

• MarshBerry: MarshBerry is an insurance distribution M&A advisory firm that served as exclusive financial advisor to Euclid Design Underwriters on its Novacore acquisition; it is an ecosystem enabler comparable to the deal-advisory and capital-partner layer surrounding Novacore's roll-up strategy.

Direct peers

• Amwins: Amwins is the largest U.S. specialty wholesale insurance broker and MGA, operating across multiple specialty programs and divisions, making it the most direct comparable to Novacore's multi-vertical MGA/MGU platform with diverse underwriting authority and broad agent distribution.
• Burns & Wilcox: Burns & Wilcox is a leading specialty insurance brokerage and MGA group with deep expertise in surplus lines and hard-to-place risks, comparable in distribution model and specialty underwriting focus to Novacore's program-centric MGA structure.
• Skyward Specialty Insurance Group: Skyward Specialty writes specialty P&C business including programs, captives, and aviation through a mix of carrier and MGA models; its Programs and Captives division (led formerly by Novacore COO Chase Clark) competes directly with Novacore's program portfolio and reinsurance ambitions.
• CRC Group: CRC Group is a rapidly consolidating specialty wholesale/distribution platform built through MGA acquisitions, with multi-vertical underwriting authority analogous to Novacore's roll-up strategy and PE-backed growth posture.
• Ascot Group: Ascot Group is a specialty insurance and reinsurance group that underwrites through delegated authority partners and MGA structures, comparable to Novacore's MGA/MGU plus NovaRe reinsurance sidecar strategy across multiple specialty lines.
• Risk Placement Services (RPS): RPS is a major national specialty insurance MGA operating across numerous niche programs with a large independent agent distribution network, directly comparable to Novacore's model of program-level underwriting across vertical specialties.
• NSM Insurance Group: NSM Insurance Group is the predecessor entity from which Novacore was carved out by New Mountain Capital in February 2025; it continues as a UK-focused specialty insurance group with an MGA model directly analogous to Novacore's program administration approach.

Emerging players

• Coterie Insurance: Coterie is an insurtech MGA focused on small commercial lines with digital distribution and embedded underwriting; its technology-driven approach shares overlap with Novacore's AI/LLM underwriting roadmap, though Coterie is far smaller and narrower in scope.

Broad incumbents

• Arch Insurance Group: Arch Insurance is a major U.S. specialty P&C carrier with significant delegated authority and program business; as a paper carrier partner to many of the same MGAs that compete with Novacore, it represents a broader-incumbent comparable in the specialty programs ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCzLYtVZm-wRAgNYj1tGLc1A
• Facebookfacebook.com/NsmInsuranceGroupInc
• Instagraminstagram.com/novacoreinsurance
• LinkedInlinkedin.com/company/novacore-insurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Novacore