Novel Financial Holdings Launches with Experienced Leadership Team
JERSEY CITY, N.J.–(BUSINESS WIRE)–Novel Financial Holdings LLC (“Novel”), an independent holding company, today announced its formation and the appointment of its executive leadership team. Led by respected industry veterans, Novel will partner with market-leading Managing General Underwriters (MGUs) to deliver superior returns for its shareholders.
The leadership team brings decades of experience and a proven track record of innovation in underwriting, reinsurance, finance, and analytics. The company’s strategy focuses on generating superior returns through increased scale and diversification in both underwriting exposures and revenue types, combined with expert program partner selection.
Key Leadership Appointments
- Jacques Bonneau, Chairman: Former CEO and President of Partner Re
- Rob Bredahl, Chief Executive Officer: Currently Vice Chairman of Howden Re and Executive Chairman of Howden Capital Markets and Advisory
- Chris Coleman, Chief Financial Officer: Previously Group CFO of Aspen Insurance Group
- David Drury, Head of Analytics & Risk: Former EVP of Underwriting at SiriusPoint and Fellow of the Casualty Actuarial Society
Novel’s formation follows its recent acquisition of Forza Insurance Holdings, which owns the attorney-in-facts (AIFs) of SureChoice Underwriters Reciprocal Exchange (SURE) and Elevate Reciprocal Exchange (Elevate). These policyholder-owned insurance companies are managed by Novel and write business through a strategic partnership with SageSure, one of the largest MGUs focused on catastrophe-exposed property markets in the United States.
Business Model
By combining fee income from insurance services, including AIFs, and the underwriting performance from insurance carriers, Novel plans to build a diversified underwriting and insurance services business. This model aims to create value through:
- Increased scale and diversification
- Expert program partner selection
- Combining fee income with underwriting results
For more information, visit novelfh.com.
About Novel Financial Holdings LLC
Novel Financial Holdings LLC is an independent holding company that oversees insurance carriers supporting managing general underwriters (MGUs). The company will manage both policyholder-owned reciprocal exchanges through ownership of attorney-in-facts (AIFs) and traditional stock insurance companies through direct ownership and service contracts.
