Ignyte and Novacore have officially launched after the recent sale of NSM Insurance Group’s U.S. commercial business to New Mountain Capital. This change will see NSM split into two distinct companies. Ignyte emerged first on April 17, led by Geof McKernan, Bill McKernan, and Marc Castellucci, who were all key figures at NSM.
Based in Conshohocken, Pennsylvania, Ignyte is now a specialty insurance platform and is backed by the Carlyle Group since 2022. The company is focused on a diverse range of specialty insurance areas, including collector car insurance, travel medical coverage, international student health, and leased equipment. CEO Geof McKernan expressed pride in Ignyte’s mission, highlighting their commitment to pursuing unique and complex niches in the insurance market. He emphasized the company’s goal of helping high-performing companies grow through innovative strategies and technology.
Bill McKernan, now president of Ignyte, reflected on the successful 35 years at NSM, stating that it was time to embrace new challenges. He believes Ignyte is positioned to take their achievements to the next level.
Shortly after Ignyte’s launch, Novacore was unveiled on April 22 as an independent specialty insurance provider, also backed by New Mountain Capital. Novacore aims to carry on NSM’s legacy while focusing on innovation and growth. The brand will gradually roll out its services throughout 2025.
Novacore will maintain partnerships with over 20,000 agents across the U.S. and will offer more than 15 specialty insurance programs. The company’s leadership, including CEO Aaron Miller, is eager to push boundaries and adapt to the changing needs of the market. They plan to leverage advanced technology, predictive analytics, and scalable operations to drive their growth.
To strengthen its executive team, Novacore has also welcomed Chase Clark as chief operating officer and chief underwriting officer, along with Phil Dwyer as executive vice president of corporate development. This new direction marks an exciting chapter for both Ignyte and Novacore as they seek to redefine their roles in the specialty insurance landscape.