New Mountain Capital Launches VictoryRe to Enter Reinsurance Market
New Mountain Capital has entered the reinsurance carrier market with the launch of VictoryRe, a platform designed to reinsure insurance liabilities through aligned capital solutions, marking a strategic expansion into insurance-linked assets.
The structure combines NovaRe, a newly formed collateralized reinsurance vehicle, with Novacore, a specialty managing general agent. NovaRe will assume selected property and casualty risks from Novacore’s portfolio on a risk-attaching basis, supported by multi-year premium capacity from VictoryRe.
The launch builds on New Mountain’s broader push into insurance, following its early 2025 acquisition of NSM Insurance Group’s U.S. commercial division from Carlyle. That deal added 15 specialty insurance programs spanning P&C, accident and health, reinsurance, and a retail brokerage arm.
“The creation of VictoryRe and NovaRe are the product of a long-standing firm initiative to enter the reinsurance carrier space, and partnering with the Novacore team was a logical first step,” said Adam Weinstein, president and COO of New Mountain, and Cyrus Moshiri, managing director and head of Structured Credit.
New Mountain said the platform is designed to align capital providers, carrier partners and underwriting teams through shared risk and return, forming the foundation of a “diversified, multi-line reinsurance platform” integrating underwriting, distribution and long-term capital.
The move comes amid a broader wave of alternative asset managers expanding into insurance and reinsurance. In March, Sage Advisory outlined plans for its Lares Fund, while Forza Investment Group launched a dedicated insurance asset management platform with $1.6 billion in assets.
New Mountain currently manages nearly $60 billion across private equity, credit and real assets strategies.
Latham & Watkins served as legal advisor to New Mountain and VictoryRe on this transaction.