Ignyte and Novacore have launched following the recent sale of NSM Insurance Group’s U.S. commercial business to investment firm New Mountain Capital.
Conshohocken, Pennsylvania-based NSM had said it would become two separate entities as a result of the sale, and on April 17 Ignyte was introduced as a specialty insurance platform and led by NSM founder Geof McKernan as well as Bill McKernan and Marc Castellucci.
Ignyte is a portfolio company of investment firm Carlyle since 2022. Ignyte is now home to a growing global portfolio of specialty insurance brands spanning collector car, travel medical, international student health, leased equipment and other embedded insurance products.
“Ignyte represents more than a name — it embodies the entrepreneurial spirit, innovation and grit that have fueled our growth for over three decades,” said CEO Geof McKernan, in a statement. “Others may turn away from unique or complex niche industries — but we run toward them. We’re laser-focused on identifying high-performing companies and sectors, and helping them scale through differentiated strategies, technology and talent.
“We’re incredibly proud of what we built at NSM Insurance Group over the past 35 years, but it was time to take on a new challenge,” added Bill McKernan, president of Ignyte Insurance. “We’ve proven our ability to build and scale successful companies, and with Ignyte, we’re ready to take that to the next level. The opportunity ahead is massive.”
On April 22, the U.S. commercial business was relaunched as Novacore, an independent, “next-generation” specialty insurance provider backed by New Mountain. The new brand will be rolled out throughout 2025.
Novacore will continue with more than 20,000 agent partners nationwide, a portfolio of more than 15 specialty programs, and a premier retail agency.
Novacore’s “future-forward focus” includes:
- Advanced technology, AI and automation
- Predictive analytics and real-time intelligence
- Scalable, innovative operations
- Underwriting excellence and organic growth
- Strategic acquisitions for long-term growth
“This is a defining moment in our evolution,” said Aaron Miller, CEO of Novacore. “We now have the opportunity to build on NSM’s stellar legacy and take it to bold, new heights. Novacore is our chance to embrace innovation fearlessly, meet the market’s evolving needs and blaze our own trail with a forward-looking mindset.”
Novacore also said it added to its executive leadership team with the addition Chase Clark as chief operating officer and chief underwriting officer. Additionally, Phil Dwyer joined as executive vice president of corporate development.
Topics Commercial Lines
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