By Michael Loney

April 22 - (The Insurer) - Novacore has been launched as a specialty insurance provider following the sale of NSM Insurance Group’s U.S. commercial division to New Mountain Capital, with the new entity also hiring Skyward Specialty’s Chase Clark and Howden Capital Markets & Advisory’s Phil Dwyer.

Novacore said it is an “independent, next-generation specialty insurance provider” that will build on NSM’s 35-year record.

The sale of NSM’s U.S. commercial business to investment firm New Mountain Capital closed last week.

Conshohocken, Pennsylvania-based Novacore has over $1.3 billion in premium and more than 20,000 agent partners nationwide. It has 11 offices across the U.S. and employs over 350 insurance professionals.

The company manages a portfolio of more than 15 niche insurance programs across property and casualty, accident and health, and reinsurance, as well as its retail agency, NSM Insurance Brokers.

Novacore is the business acquired by New Mountain Capital.

NSM’s remaining Carlyle-backed direct-to-consumer insurance brands were rebranded as Ignyte Insurance last week, led by Geof McKernan as CEO. Ignyte’s brands manage over $650 million in premium, with a presence in the U.S., UK, Europe and Australia.

"This is a defining moment in our evolution," said Novacore CEO Aaron Miller, who was previously chief commercial lines officer at NSM.

Miller added: "Our goal is to become the most forward-thinking, agent-friendly MGA in the industry. We're investing heavily in technology, automation and data-driven tools to simplify how agents and carriers do business with us.”

Novacore said its strategic backing from New Mountain Capital positions it to scale its core programs in high-demand markets, while also acquiring and launching new complementary specialty brands that enhance its platform and capabilities.

Clark has been appointed chief operating officer and chief underwriting officer of Novacore. In this dual role, he will focus on delivering business outcomes and elevating program performance.

Clark joins from Skyward Specialty, where he was most recently CUO and COO of captives and programs.

Dwyer has joined as executive vice president of corporate development. He was previously an investment banking associate at Howden Capital Markets & Advisory. Novacore said his experience in strategic planning and M&A will help guide long-term growth strategy.

Carlyle acquired NSM from White Mountains in 2022 in a $1.78 billion transaction.