Novacore, an independent managing general agent (MGA), has secured collateralized reinsurance support from a new sidecar structure backed by New York headquartered alternative investment firm New Mountain Capital, LLC, which alongside its affiliates has around $60 billion in assets under management.VictoryRe has been established as a new platform by New Mountain Capital and NovaRe as a collateralized reinsurance sidecar structure within it, to provide collateralized capacity to back programs of business written by Novacore. NovaRe will provide multi-year capacity to support Novacore’s expanding MGA business, bringing it a supportive pool of reinsurance capital to enable an “efficient response to market…
Author: Awais
Automation has become one of the most talked-about opportunities in ambulatory care, yet for many practices it remains more aspiration than reality. Leaders envision streamlined workflows, reduced administrative burden and better patient experiences. Despite growing investment in digital tools, many organizations struggle to translate that vision into consistent, day-to-day execution. The gap is not about access to technology. It is about what it takes to make automation part of how work actually gets done. Automation is a people strategy, not just a technology strategy A common misstep is treating automation as a software deployment rather than an organizational transformation. New tools…
The vehicle, called NovaRe, will sit within a newly established entity called VictoryRe. New Mountain, a New York-based firm managing approximately $60 billion in assets, has described the investment as the product of a long-standing focus on insurance services.
What makes this case stand out is that it is not the first time these parties have been here. The filing references a similar action brought against James River in 2022, along with at least eight additional matters — including cases named Giordano, Diaz, Aleman, Graham, Lynch, Oberle, Panuta, and Sumsky — where James River allegedly declined coverage under comparable circumstances.
Social media giant Meta Platforms must face a lawsuit by the state of Massachusetts alleging that it knowingly designed its Instagram platform to be harmful to children and has misled the public that it is safe. The Massachusetts Supreme Judicial Court last Friday ruled that a federal law (Section 230) that shields Internet firms from liability for content posted on their sites does not shield Meta from a lawsuit relating to the features in the design of Instagram that the state alleges harm children’s mental health. Meta had moved to have the Bay State’s lawsuit dismissed, as it has tried…
Five people have been charged with murder in a deadly Northern California explosion at an illegal fireworks warehouse that killed seven people and shook a tiny farming community, authorities said Friday. The charges stem from a grand jury indictment related to the July 1 explosion that injured two others, Yolo County Deputy District Attorney Clara Nabity said. One of the people charged with murder is Samuel Machado, who was a Yolo County Sheriff’s Department lieutenant at the time of the explosion. He illegally stored more than 1 million pounds of fireworks at his property and used his position at the…
The escalating cost of wildfires now adds $41 to the average monthly power bill for residential customers of California’s largest utility, according to a government report that calls for a systemic overhaul of how the state responds to conflagrations as climate change-driven disasters threaten its economy. That surcharge accounts for 19% of the average Pacific Gas & Electric Corp. bill, and along with spiking homeowners’ insurance premiums, is another way Californians are paying the price for more destructive and frequent wildfires. Those impacts are lowering home values and local tax bases, and destabilizing mortgage and insurance markets, according to the…
US President Donald Trump’s threat to blockade the Strait of Hormuz after talks with Iran collapsed over the weekend risks widening a war now entering its seventh week, lifting oil prices and raising the prospect of further economic pain around the globe. The US military said it would implement a blockade of all maritime traffic entering and exiting Iranian ports at 10 a.m. on Monday Washington time, adding that it would allow other vessels to transit the Strait of Hormuz if they’re not stopping in the Islamic Republic. Iran’s military adviser to the supreme leader, Mohsen Rezaee, has said the…
Oil tankers are steering clear of the Strait of Hormuz ahead of a U.S. blockade later on Monday following failed peace talks between the U.S. and Iran over the weekend, shipping data showed. President Donald Trump said on Sunday the U.S. Navy would start blockading the Strait of Hormuz, raising the stakes after marathon talks with Iran failed to reach a deal to end the war, jeopardizing a fragile two-week ceasefire. U.S. Central Command said U.S. forces would begin implementing the blockade of all maritime traffic entering and exiting Iranian ports at 10 a.m. ET (1400 GMT) on Monday. It…
The Bank of England plans to discuss the impact of Anthropic PBC’s new AI model with financial institutions, as UK regulators join their peers in the US and elsewhere in raising alarms over the risks posed by the tool. Anthropic’s Mythos model will be on the agenda for the BOE’s next Cross Market Operational Resilience Group and CMORG AI Taskforce meetings, scheduled within the next two weeks, according to a person with knowledge of the matter. The meetings, earlier reported by the Telegraph, will include representatives from the Treasury, the Financial Conduct Authority and the National Cyber Security Centre. Wall…
North America’s largest coke plant hugs the west bank of Pennsylvania’s Monongahela River, belching out emissions from turning superheated coal into a carbon-rich fuel. Researchers say the children at Clairton Elementary School about a mile away pay the price. They discovered the students there and at other elementary schools near major pollution sites in Pennsylvania had higher asthma rates than other children in the state. Residents and environmental advocates saw reason for hope and relief in the form of a Biden administration rule designed to tamp down on coke oven plant pollution. But even before it took effect, President Donald…
Louisiana Citizens Property Insurance Corporation has returned to the catastrophe bond market for its twelfth sponsorship, this time seeking a $150 million initial target for collateralized named storm reinsurance from a Bayou Re Ltd. (Series 2026-1) issuance, Artemis has learned.Louisiana Citizens Property Insurance Corporation is the non-profit residential and commercial property insurer for those unable to access private market insurance in the state and has been sponsoring cat bonds as part of its reinsurance arrangements since 2012. This will be the fourth takedown of a catastrophe bond under the Bayou Re Ltd. special purpose insurer (SPI) in Bermuda, as Louisiana…
S2126, backed by capital from Blackstone and managed at Lloyd’s by Asta, was announced in October 2025 and began underwriting on January 1, 2026. It writes property, specialty and casualty business for The Fidelis Partnership (TFP) and through Pine Walk, its managing general agent (MGA) platform.
Vineyard Wind has filed a lawsuit seeking to block a wind turbine-supplying unit of GE Vernova rom terminating agreements and abandoning work on a $4.5 billion offshore wind farm in Massachusetts on the eve of completion. Vineyard Wind, a joint venture between Spain’s Iberdrola and Denmark’s Copenhagen Infrastructure Partners, filed a lawsuit this week in a state court in Boston accusing the GE Vernova subsidiary of wrongly trying to terminate their contract at the wind project’s “most vulnerable stage.” It is one of five major East Coast offshore wind projects that President Donald Trump’s administration halted construction near the end…