NSM Insurance Group’s U.S. commercial business has been relaunched as two separate entities following its sale to investment firm New Mountain Capital. The Conshohocken, Pennsylvania-based insurance group announced the launch of Ignyte and Novacore on April 17 and April 22, respectively.
Ignyte Specialty Insurance Platform
Ignyte has been introduced as a specialty insurance platform led by NSM founder Geof McKernan, along with Bill McKernan and Marc Castellucci. Since 2022, Ignyte has been a portfolio company of investment firm Carlyle. The new entity is now home to a growing global portfolio of specialty insurance brands, including collector car, travel medical, international student health, and leased equipment 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. “We’re laser-focused on identifying high-performing companies and sectors, and helping them scale through differentiated strategies, technology and talent.”
Novacore Specialty Insurance Provider
The U.S. commercial business was relaunched as Novacore, an independent “next-generation” specialty insurance provider backed by New Mountain Capital. The new brand will be fully rolled out throughout 2025. Novacore will continue to work with over 20,000 agent partners nationwide, maintaining 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 operations, underwriting excellence, and 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 has also strengthened its executive leadership team with the addition of Chase Clark as chief operating officer and chief underwriting officer, and Phil Dwyer as executive vice president of corporate development.
