Novacore, a managing general agent (MGA) specializing in specialty insurance, has announced an agreement to acquire Minglewood Risk, an MGA focused on insurance for the real estate sector. The acquisition is intended to bolster Novacore's real estate insurance division and drive expansion, particularly within New York City.
Key Takeaways
- Novacore has agreed to acquire Minglewood Risk, a specialist in real estate and habitational insurance.
- The acquisition is a key part of Novacore's strategy to grow its real estate insurance portfolio.
- A primary goal of the deal is to expand operations into the five boroughs of New York City.
- Minglewood Risk will be integrated into Novacore’s existing real estate segment, leveraging Novacore's technology and analytics.
- The financial terms of the transaction have not been disclosed by either company.
Details of the Strategic Acquisition
The agreement brings Minglewood Risk, a company known for its expertise in habitational and real estate coverages, under the Novacore umbrella. Minglewood Risk, founded in Langhorne, Pennsylvania, provides commercial package, excess, and umbrella insurance policies tailored for residential real estate clients.
Minglewood has established a strong presence in several key states, including New York, New Jersey, Pennsylvania, Colorado, and California. Following the acquisition, the company will become a core component of Novacore’s real estate business unit. This integration is designed to combine Minglewood's specialized underwriting knowledge with Novacore's broader resources.
Company Backgrounds
Novacore operates as a specialty insurance MGA and was established in April 2025. It was formed from the U.S. commercial division of NSM Insurance Group after that division was sold to New Mountain Capital. Novacore currently partners with a network of over 20,000 agents across the United States and offers more than 15 distinct specialty insurance programs.
Expansion into the New York City Market
A central objective of this acquisition is to accelerate Novacore's growth in the competitive New York City real estate insurance market. The company plans to leverage Minglewood's expertise to build a significant presence across the city's five boroughs.
The demand for specialized habitational insurance in New York City remains high due to the density of residential properties and the unique risks associated with the urban environment. Jon Hill, President of Minglewood Risk, noted that the market's demands continue to evolve, presenting an opportunity for growth and innovation.
By integrating with Novacore, Minglewood aims to enhance its service offerings. According to Hill, the firm's underwriting and client services will be significantly improved by access to Novacore's advanced technological and analytical capabilities. This technological backing is expected to be crucial for capturing a larger market share in New York.
Executive Commentary on the Merger
Leaders from both companies have expressed optimism about the future of the combined entity. They highlight the complementary strengths of the two organizations and the potential for significant market impact.
Aaron Miller, CEO of Novacore, framed the deal as a strategic move aligned with the company's long-term vision. He emphasized that the acquisition goes beyond simple business growth.
“The acquisition of Minglewood Risk is not just a growth opportunity; it’s a significant leap towards our mission of redefining the specialty insurance landscape,” stated Miller.
On the Minglewood side, President Jon Hill focused on the operational benefits and the potential for accelerated expansion. He believes the partnership will provide the necessary tools to scale the business effectively.
Hill said his firm’s underwriting and client service will be “strengthened by Novacore’s technological and analytical capabilities” and positioned to accelerate growth — particularly in the five boroughs of New York, “where habitational demand continues to evolve.”
Novacore at a Glance
- Launch Date: April 2025
- Origin: Former U.S. commercial division of NSM Insurance Group
- Agent Network: Over 20,000 nationwide
- Specialty Programs: More than 15
The Broader Insurance M&A Landscape
This acquisition is part of a larger trend of consolidation within the specialty insurance sector. Managing general agents like Novacore are increasingly using mergers and acquisitions (M&A) to gain specialized expertise, enter new geographic markets, and enhance their technological platforms.
By acquiring niche players like Minglewood Risk, larger firms can quickly integrate proven underwriting talent and established client relationships. This strategy is often faster and more effective than attempting to build such capabilities organically.
The focus on technology and data analytics, as mentioned by both Miller and Hill, is another key driver in the MGA space. Companies that can effectively use data to price risk and improve service are better positioned for long-term success. The combination of Minglewood’s market knowledge and Novacore’s tech infrastructure exemplifies this modern approach to growth in the insurance industry. The financial details of the deal were not made public, a common practice in private M&A transactions within the sector.
