Novum Underwriting Partners

What Novum Underwriting Partners does

Novum Underwriting Partners is a U.S.-domiciled specialty Managing General Agency (MGA) and wholesale insurance brokerage headquartered in Independence, Ohio. Founded in 2018 and operational from 2019, the company distributes commercial and specialty insurance products exclusively through independent retail insurance agents and brokers, serving end-insureds ranging from small businesses to mid-market and large corporations across verticals including wood products and building materials, automotive dealerships, trucking, hospitality, and workers' compensation. The company operates six proprietary binding authority programs (LumberPro, DealerPro, TruckPro, HotelPro, SuretyPro in Canada, and ToughCover WC) and added a Canadian division in 2026.

Novum's core technology is the proprietary Novum Online platform, a web-based comparative rating and submission system that enables agents to obtain instant quotes from 50+ carrier markets, track submissions in real time, bind policies, and access commission statements. The platform is positioned as a hybrid between digital InsurTech wholesalers and traditional relationship-driven brokerages, combining automated rating with embedded underwriter support. No AI/ML capabilities, APIs, or third-party developer integrations are disclosed; the technology stack is internal and agent-facing rather than partner-facing.

The revenue model is commission-based, with Novum earning a fixed percentage of policy premiums (varying by product type and new versus renewal business), supplemented by interest on client premium float and incentive programs from carrier partners. Distribution is nationwide in the United States through a self-serve platform plus inside sales territory managers, with Canadian expansion via the SuretyPro program distributed through provincial brokers. In September 2025, Steadfast Group Limited (Australasia's largest general insurance broker network) acquired a majority stake, positioning Novum as Steadfast's U.S. hub for program development and a gateway to its London-based Lloyd's broker HWS Specialty; CEO Christopher Longo and President Don Sellars retained leadership.

Name

Novum Underwriting Partners

Legal name

Novum Underwriting Partners LLC

Website

https://novumuw.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Novum Underwriting Partners is a U.S. specialty MGA and wholesale brokerage that distributes commercial and niche insurance programs to independent agents via its proprietary Novum Online comparative rating platform, operating six binding authority programs across verticals like lumber, auto dealers, trucking, hospitality, and surety.

Ownership category

akta.pro rank

Product category

Managing General Agency and Wholesale Insurance Brokerage

NAICS

Insurance Agencies and Brokerages (52421), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Insurance Agents, Brokers & Service (6411), Surety Insurance (6351)

akta.pro primary industry

Insurance Program Administration & MGA/MGU Services (FSAEADAK)

akta.pro secondary industry

Wholesale Insurance Brokerage (Excess & Surplus Lines) (FSAEADAD)

Keywords

• Commercial insurance brokerage
• Managing general agency
• Wholesale insurance distribution
• Specialty insurance programs
• Surety bond underwriting

Headquarters

HQ city

Independence

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Insurance Commission: Novum typically receives standard commission for the sale and/or servicing of insurance policies, calculated as a fixed percentage of the policy premium or a fixed amount per policy, generally set prior to the effective date. Commission percentages vary depending on insurance product type, whether the policy is new or renewal, and other factors.
2. Client Premium Handling: In instances where Novum is paid directly by clients for insurance policies for payments to insurers, Novum may receive interest accruing on these amounts. Novum may also charge interest on past-due amounts owed by clients.
3. Incentive Programs: Some insurers may have incentive-based programs where agencies are rewarded via benefits such as branded merchandise, marketing materials, entertainment, meals, and travel costs for trips, conventions and other events.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Novum Underwriting Partners operates as a specialty Managing General Agency (MGA) and wholesale insurance brokerage, distributing commercial and specialty insurance products through independent insurance agents and brokers. The company underwrites and binds coverage through six proprietary programs (LumberPro, DealerPro, TruckPro, HotelPro, SuretyPro, ToughCover WC) and a brokerage division accessing 50+ carrier markets, all powered by its proprietary Novum Online digital platform that delivers instant comparative quoting, real-time submission tracking, and integrated policy management for agents.

Product overview

Novum Underwriting Partners is a commercial insurance Managing General Agency (MGA) and wholesale brokerage operating as an InsurTech company with a proprietary digital platform. The company operates through its flagship Novum Online platform, which provides agents instant comparative rates from over 50 carrier markets and multiple proprietary MGA programs. The product portfolio consists of six named binding authority programs — LumberPro (wood products/manufacturing), DealerPro (auto dealers), TruckPro (trucking), HotelPro (hospitality), SuretyPro (Canada, surety bonds), and ToughCover WC (workers compensation) — alongside a broad range of commercial and specialty coverage products including Workers Compensation, Business Owners Policy, Commercial Property, General Liability, Commercial Auto, E&O, EPLI, D&O, Cyber Liability, Fiduciary Liability, and Crime Insurance. Novum bridges digital wholesale InsureTech platforms with traditional relationship-driven brokerages, emphasizing both technology (state-of-the-art platform) and customer service (underwriting expertise). In September 2025, Novum entered a strategic partnership with Steadfast Group (Australasia's largest broker network), with Steadfast acquiring a majority stake and positioning Novum as Steadfast's hub for U.S. program development.

Differentiator

Problem solved

Functional benefit

Brands

• LumberPro: Specialized insurance program for wood product manufacturers and building material distributors, covering property, equipment breakdown, commercial auto, and general liability.
• DealerPro
• TruckPro
• HotelPro
• SuretyPro
• ToughCover WC
• Novum Online
• Novum Canada

Products and services

• Novum Online Novum's proprietary web-based platform enabling contracted insurance agents to obtain instant comparative rates from multiple carriers, submit business, track submission status in real time, quote and bind policies, access commission statements, and manage policy servicing across hundreds of classes of business.
• LumberPro Specialized binding-authority insurance program for wood product manufacturers and building material distributors, covering lumberyards, sawmills, manufacturers, truss/cabinet/veneer/pallet/furniture makers, with property, equipment breakdown, commercial auto, and general liability coverage tailored to combustible dust, flammable materials, and welding hazards.
• DealerPro Exclusive franchise and non-franchise auto dealer insurance program providing multi-line coverage for automobile and RV dealers on admitted paper, with property and auto liability binding authority.
• TruckPro Specialized insurance program for commercial trucking operations providing Workers Compensation and related commercial lines coverage for truckers.
• HotelPro Comprehensive binding-authority insurance program for hotels and motels under five stories, covering property, excess, equipment breakdown, cyber, crime, employment practices liability, and workers' compensation, with frame and non-sprinklered eligibility and liquor liability coverage.
• SuretyPro (Canada) Comprehensive Canadian surety program offering contract, commercial, and specialty surety products — including construction bonds, development bonds, litigation bonds, and commercial surety — placed through the Novum Online platform with delegated underwriting authority and capacity from AM Best A- or better rated insurers.
• ToughCover WC Workers compensation binding-authority program offering coverage for various business classes through Novum's carrier network.
• Novum Brokerage Division Wholesale brokerage division providing access to 50+ carrier markets for agents and brokers to find the best solutions for their clients, from small businesses to large corporations, in hundreds of classes of business.
• Workers Compensation Workers Compensation insurance coverage offered across multiple industries including healthcare, construction, hospitality, and more, through Novum's carrier partnerships and ToughCover WC binding-authority program.
• Business Owners Policy (BOP) Combined General Liability and Commercial Property insurance coverage for small to medium businesses, offered through Novum's partner carriers.
• Commercial Property Commercial Property insurance coverage for businesses covering buildings, inventory, equipment, and other business assets.
• General Liability General Liability insurance including expanded Excess & Surplus (E&S) GL offerings across industries such as contractors, cannabis, healthcare, bars and taverns, truckers, hospitality, convenience and liquor stores, and habitation risks.
• Commercial Auto Commercial Auto insurance coverage for business vehicles and fleets, including exposures from trucking operations and auto dealership service.
• Errors & Omissions (Professional Liability) Professional liability insurance covering errors or omissions in the delivery of professional services.
• Employment Practices Liability (EPLI) Coverage protecting businesses against claims such as wrongful termination, workplace discrimination, and harassment.
• Directors & Officers (D&O) Coverage shielding company leadership from allegations of mismanagement or breach of fiduciary duties.
• Cyber Liability Coverage protecting businesses against data breaches, ransomware, and phishing attacks.
• Fiduciary Liability Coverage for claims related to the mismanagement of employee benefits.
• Crime Insurance Coverage addressing risks such as fraud, theft, and employee dishonesty.

Quantifiable outcome

• Faster quoting and policy binding compared to traditional wholesale distribution

Named customers5 records

Segments4 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered minor and core.

• ISU GroupminorStrategic or Co-development Partner · 24 February 2026Part of Steadfast Group's acquisition activities. Novum was one of the acquisitions completed as part of Steadfast Group's $238.9 million acquisition spree.
• Steadfast Group LimitedcoreStrategic or Co-development Partner · 3 September 2025Steadfast Group, the largest general insurance broker network in Australasia, acquired a majority stake in Novum. Novum will serve as Steadfast's hub for U.S. program development and management, a platform and marketplace to support expansion of select Steadfast-owned underwriting agencies into the U.S. market, and to strengthen access to global markets through Steadfast's London-based Lloyd's broker HWS Specialty.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• RPS (Risk Placement Services): Major wholesale broker and MGA providing retail agents access to specialty and standard markets across commercial lines. Closely comparable to Novum in combining wholesale brokerage with proprietary binding authority programs distributed through independent agents.
• Amwins: The largest wholesale insurance broker and managing general agent in the United States, offering specialty and excess & surplus lines placement. Highly comparable as a wholesale/MGA distribution channel serving independent retail agents with multiple binding authority programs.
• CRC Group: Wholesale insurance distributor and MGA with specialty programs across multiple verticals, distributing through retail agents and brokers. Directly comparable to Novum in the wholesale/MGA distribution model and multi-program approach.
• Brown & Riding: Wholesale insurance brokerage and program administrator placing specialty and excess & surplus coverage for retail agents. Comparable as a wholesale broker combining traditional brokerage with proprietary program capabilities.
• Burns & Wilcox: Wholesale insurance broker and MGA specializing in excess & surplus lines and specialty coverage, distributed through a national network of independent agents. Comparable in both the wholesale brokerage model and program-administration capability.
• NSM Insurance Group: Program manager and MGA building specialty insurance programs across niche verticals (e.g., collector vehicles, habitational, social services). Closely comparable to Novum's vertical-specific binding authority program model.
• Accelerant Holdings: Insurtech-enabled specialty insurance platform serving MGAs and program managers with risk capital and data services. Listed on Novum's own carrier-partner page and therefore a directly relevant platform participant and counterparty.

Emerging players

• Sutton Specialty Insurance: Wholesale broker and MGA providing specialty and E&S placements to retail agents across the U.S. Comparable as a wholesale/MGA peer, though smaller and more regionally concentrated.
• Aspera Insurance Solutions: Digital wholesale brokerage and MGA platform providing agents with comparative quoting and submission tools across multiple carrier markets. Comparable in the tech-enabled wholesale distribution approach.
• SkyCover Insurance: Specialty MGA and program manager offering binding authority programs across niche commercial verticals distributed through independent agents. Comparable in the MGA/program model and target distribution channel, though smaller in scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/novumuw

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Novum Underwriting Partners