Novacore chooses FurtherAI as strategic AI partner. Jul. 14, 2026, 08:00 AM San Francisco, CA, July 14, 2026 (GLOBE NEWSWIRE) - FurtherAI, the AI workspace built for insurance, today announced that Novacore has adopted its workspace as the AI foundation powering their underwriting operations across multiple programs. Novacore is deploying FurtherAI as an orchestration layer for its insurance programs, with AI-powered tools around the entire underwriting workflow built on top of the workspace. The architecture is designed to adapt to the specific workflows and processes that Novacore's underwriters have developed over time - making it core IP for the organization. The deployment has gone smoothly, replacing legacy systems that lacked the configurability modern underwriting demands. Unlike previous-generation systems that risk becoming outdated, FurtherAI is built to evolve alongside advances in underlying model capabilities. Across programs, teams have seen strong early results in both delivery capabilities and the workspace's ability to mold itself to the needs of the end user. "We looked hard at the previous generation of underwriting systems, and what sets FurtherAI apart is their focus and expertise in our space and how they leverage the latest AI models to address our complicated workflow challenges. This isn't a workspace that will be legacy in a year - it grows with us." said Joe Christman, Chief Technology & AI Officer at Novacore. "FurtherAI is going to be a strategic lever as we continue to expand the Novacore workspace and pursue acquisitions," said Aaron Miller, CEO of Novacore. "What excites me most is what it means for how we scale - FurtherAI gives us data centralization, orchestration, and a true intelligence layer across our business. It puts data and information directly at the fingertips of our underwriting teams, which means they can spend less time chasing details and more time on what actually matters - risk selection. As we bring new programs and companies into our portfolio, having that foundation in place is going to make all the difference." About FurtherAI FurtherAI is a domain-specific AI company purpose-built for the insurance industry. Its Agentic Workspace automates complex workflows such as submission intake, policy comparisons, and underwriting audits - making insurance teams faster, smarter, and more efficient. Leading insurers, reinsurers, MGAs, and brokers rely on FurtherAI. By combining insurance domain knowledge with advanced AI, FurtherAI removes busywork from insurance workflows so professionals can focus on the work that matters most. FurtherAI is backed by Andreesseen Horowitz, Y-Combinator and other top-tier venture investors from Silicon Valley. About Novacore Novacore is an independent specialty insurance provider built to transform the way specialty programs are run. Formerly the U.S. commercial division of NSM Insurance Group, Novacore manages over $1.5 billion in premium across 20+ specialty programs, partnering with more than 20,000 agents nationwide. Backed by New Mountain Capital, Novacore is expanding its platform through acquisitions and innovation - with a mission to deliver smarter, more efficient underwriting for the modern insurance industry. Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post. Sponsored Financial Content

Novacore expands Professional Underwriters Agency with addition of Euclid Design Underwriters. Jun 03, 2026, 08:00 ET Move strengthens PUA's leadership in architects and engineers professional liability and expands expertise serving design professionals nationwide. CONSHOHOCKEN, Pa., June 3, 2026 /PRNewswire/ - Novacore, an independent specialty insurance provider transforming insurance through underwriting expertise, technology and carrier partnerships, today announced the addition of Euclid Design Underwriters, LLC to its Professional Underwriters Agency (PUA) program. The move expands PUA's capabilities in architects and engineers (A&E) professional liability and further strengthens its position as a leading provider of specialty professional liability solutions. Euclid Design Underwriters is a specialized managing general agent focused on errors and omissions (E&O) coverage for architects, engineers and design professionals. The organization has built a strong reputation through technical underwriting expertise, longstanding broker relationships and a deep understanding of the unique risks facing the design professional community. With the addition, Euclid Design's team and capabilities will become part of PUA, enhancing the program's ability to deliver tailored solutions, expanded market access and exceptional service to agents and insureds nationwide. The Euclid Design brand will be integrated into PUA, creating a stronger and more comprehensive offering for the design professional market. "Professional liability remains a core area of strategic focus for Novacore, and the addition of Euclid Design further strengthens our expertise in serving design professionals," said Aaron Miller, Chief Executive Officer of Novacore. "The Euclid Design team has built a highly respected business with a strong underwriting culture and deep industry knowledge. This addition underscores our strategy of investing in proven specialty programs, deepening expertise within our existing portfolio and creating sustainable opportunities for profitable growth." "Euclid Design represents exactly the kind of specialized, high-caliber underwriting operation that defines excellence in the professional liability space. Chris and David have built something truly lasting: a respected brand, a loyal broker network, and a team that sets the standard for A&E expertise. We couldn't be more confident that Novacore is the right home to carry that legacy forward, " said Nick Colis, Chief Program Officer of Euclid Program Managers. The addition reflects Novacore's continued strategy of investing in specialized underwriting talent, expanding high-performing programs and building market-leading expertise across targeted specialty insurance sectors. Through PUA, Novacore now offers a broader suite of professional liability solutions backed by decades of underwriting experience and strong carrier partnerships. MarshBerry served as exclusive financial advisor to Euclid Design Underwriters for the transaction. About Novacore Novacore is an independent, next-generation specialty insurance provider with a bold mission: transforming insurance - for agents, carrier partners, clients and the future. Building on the 35-year track record of NSM Insurance Group, Novacore delivers industry-specific insurance programs through specialized underwriting, advanced technology and trusted carrier partnerships. The company partners with more than 20,000 agents nationwide and offers 20+ specialty programs across a diverse set of markets. For more information, visit novacore.com. About Euclid Design Underwriters Specializing in the underwriting of error and omissions for architects and engineers. Euclid Design Underwriters also offers risk consulting, contract review, and risk management support for a broad range of professional organizations. About Euclid Program Managers Euclid Program Managers ("Euclid") is a family of insurance program managers built on a platform of excellence. Each Euclid underwriting company is run by best-in-class underwriters who are equity partners in their business. This owner-operator model, combined with the resources of Euclid's broader infrastructure, leads to the highest level of underwriting results. For more information, visit www.euclidprograms.com SOURCE Novacore

Novacore launches New Mountain capital-backed sidecar to expand specialty program capacity. Apr 13, 2026, 07:00 ET NovaRe, Novacore's new collateralized reinsurance vehicle backed by New Mountain Capital's VictoryRe, will provide capacity for Novacore's MGA programs and enhance multi-year growth across the diversified P&C platform. CONSHOHOCKEN, Pa., April 13, 2026 /PRNewswire/ - Novacore, an independent, next-generation specialty insurance managing general agent, announced the launch of NovaRe, a new collateralized reinsurance vehicle structured to align interests with carrier and capacity partners across its managed programs. NovaRe is supported by New Mountain Capital, LLC ("New Mountain"), a leading growth-oriented alternative investment firm headquartered in New York and Novacore's strategic capital partner, via the establishment of VictoryRe. This new platform marks the firm's entry into the reinsurance carrier market with a long-term vision to build a diversified, multi-line reinsurance platform. NovaRe will operate as a dedicated vehicle within VictoryRe. The sidecar intends to provide incremental, multi-year premium capacity to support Novacore's platform, enabling efficient response to market opportunities while preserving balance sheet stability for carrier partners. NovaRe will participate on a risk-attaching basis across diversified property and casualty portfolios within Novacore's platform, aligning capital providers, carrier partners and Novacore's underwriting teams through shared risk and shared return. Aaron Miller, Chief Executive Officer of Novacore, stated, "NovaRe represents a natural extension of our underwriting-first philosophy. We are committed to growing with our carrier and capacity partners in a disciplined and sustainable manner. With the support of New Mountain Capital, we are able to thoughtfully expand capacity behind programs that have demonstrated consistent performance, strong controls and differentiated market positioning." Chase Clark, Chief Operating & Underwriting Officer of Novacore, noted, "Our platform has always been built on underwriting expertise, diversified distribution and disciplined program management with profitability always being our primary focus. This initiative strengthens our ability to support carrier partners with capital-efficient growth while maintaining the same rigorous standards that define the Novacore brand." Robert Mulcare, Managing Director at New Mountain, observed, "Novacore has consistently demonstrated its ability to identify attractive specialty markets and execute with underwriting precision. The structure underscores our shared commitment to responsible growth, disciplined risk management and sustainable value creation across the specialty insurance landscape." Cyrus Moshiri, Head of Structured Credit at New Mountain added, "We are pleased to support this capital solution, which aligns long-term investment capital with a diversified portfolio of well-managed programs." The launch of this sidecar underscores Novacore's continued commitment to innovation in specialty program management while continuing to deepen partnerships across the carrier, reinsurance and specialty program ecosystem. About Novacore Novacore is an independent, next-generation specialty insurance provider with a bold mission: transforming insurance - for agents, carrier partners, clients and the future. Building on the 35-year track record of NSM Insurance Group, Novacore delivers industry-specific insurance programs through specialized underwriting, advanced technology and trusted carrier partnerships. The company partners with more than 20,000 agents nationwide and offers 15+ specialty programs across a diverse set of markets. For more information, visit novacore.com. About New Mountain New Mountain is a New York-based investment firm that emphasizes business building and growth, rather than excessive risk, as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with nearly $60 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information, visit www.newmountaincapital.com. SOURCE Novacore