JERSEY CITY, N.J. — June 22, 2026
Executive Summary
Novel Financial Holdings, Inc. has secured an investment from Flexpoint Ford, a specialist private equity firm focused on financial services and related sectors. The investment, made through Flexpoint Asset Opportunity Fund III and Flexpoint Insurance Opportunity Fund I, is intended to support Novel’s continued expansion as a diversified underwriting and insurance services platform. The transaction broadens Novel’s ownership base, strengthens its position as an independent insurance platform, and supports the company’s ongoing strategy of combining underwriting operations, insurance services, and diversified insurance carrier ownership.
Announcement Overview
Novel Financial Holdings announced a strategic investment from Flexpoint Ford, marking a significant step in the company’s planned expansion as a diversified underwriting and insurance services holding company. The investment supports Novel’s long-term growth strategy while enhancing its capital base and ownership structure. Led by experienced insurance industry executives, Novel oversees a portfolio that includes reciprocal exchanges, insurance carriers, and insurance service operations across multiple lines of business. The transaction also follows the integration of GeoVera Nova into the Novel platform and further supports the company’s objective of building scale, diversification, and operational flexibility across underwriting exposures, revenue streams, and insurance markets.
Key Announcement Details
- Announcement Type: Strategic Growth Investment
- Company Receiving Investment: Novel Financial Holdings, Inc.
- Investor: Flexpoint Ford
- Announcement Date: June 22, 2026
- Investment Source: Flexpoint Asset Opportunity Fund III and Flexpoint Insurance Opportunity Fund I
- Primary Purpose: Support Novel’s continued expansion as a diversified underwriting and insurance services platform
- Strategic Objective: Accelerate platform growth, diversification, and scale
- Ownership Impact: Broadens Novel’s ownership base while reinforcing its independence
- Business Focus: Underwriting and insurance services
- Operating Model: Combination of reciprocal exchange management, insurance services, and insurance carrier ownership
- Portfolio Companies: Forza Insurance Holdings and GeoVera Nova
- Insurance Segments Supported: Residential homeowners, residential earthquake, business, and commercial residential insurance
- Recent Corporate Development: GeoVera Nova became a wholly owned subsidiary of Novel effective April 1, 2026
- Underwriting Partner Relationship: SageSure Insurance Managers LLC
- GeoVera Nova Rating Status: A.M. Best Financial Strength Rating of A (Excellent)
- GeoVera Nova Credit Rating: Long-Term Issuer Credit Rating of “a” (Excellent)
- Rating Outlook: Stable
- Novel Platform Premium Volume: Approximately $2 billion in annual gross written premium across managed carriers
- Flexpoint Industry Focus: Financial services and adjacent verticals
- Flexpoint Assets Under Management: Approximately $9.0 billion
- Transaction Significance: Supports the continued build-out of a diversified insurance platform combining fee-based insurance services and insurance carrier operations
- Long-Term Focus: Growth, diversification, underwriting scale, and insurance services expansion
Investment Supports Continued Expansion Strategy
Novel Financial Holdings announced that it has received an investment from Flexpoint Ford, a private equity firm with a long-standing focus on financial services, insurance, and adjacent industries.
According to the company, the investment is being made through:
- Flexpoint Asset Opportunity Fund III
- Flexpoint Insurance Opportunity Fund I
The transaction is intended to support:
- Continued platform expansion
- Business growth initiatives
- Ownership diversification
- Long-term strategic development
- Expansion of underwriting and insurance services capabilities
The company stated that the investment broadens its ownership base while reinforcing its position as an independent insurance platform operating across multiple insurance segments.
Novel’s Diversified Insurance Platform
Novel operates as a holding company focused on building a diversified underwriting and insurance services business.
The company manages insurance operations through multiple ownership and operating structures, including:
- Policyholder-owned reciprocal exchanges
- Attorney-in-fact (AIF) entities
- Traditional stock insurance companies
- Insurance service arrangements
- Direct ownership interests in insurance carriers
According to the company, its operating model combines:
- Fee income generated through AIF entities
- Fee-based service arrangements
- Operating results from owned insurance carriers
This structure is intended to create:
- Greater operating scale
- Revenue diversification
- Underwriting diversification
- Broader insurance market participation
- Long-term business flexibility
Novel stated that its platform is supported by underwriting expertise, strategic program selection, and established relationships throughout the insurance sector.
Portfolio Includes Reciprocal Exchange and Insurance Carrier Operations
The company highlighted several businesses currently operating within its portfolio.
These include:
Forza Insurance Holdings
Forza Insurance Holdings owns the attorney-in-fact entities that manage:
- SureChoice Underwriters Reciprocal Exchange (SURE)
- Elevate Reciprocal Exchange (Elevate)
These reciprocal exchange operations contribute to Novel’s broader underwriting and insurance services platform.
GeoVera Nova Group of Companies
Novel’s portfolio also includes the GeoVera Nova group of companies, which participates in multiple insurance markets and supports a diversified insurance business model.
Across its businesses, Novel supports insurance products and underwriting operations covering:
- Residential homeowners insurance
- Residential earthquake insurance
- Business insurance
- Commercial residential insurance
The company stated that these offerings are supported in part through GeoVera Nova’s A.M. Best rated insurance companies.
GeoVera Nova Becomes a Wholly Owned Subsidiary
Novel also highlighted a significant milestone involving GeoVera Nova.
Effective April 1, 2026, GeoVera Nova became a wholly owned subsidiary of Novel through a share exchange involving substantially common existing shareholders.
According to the company, the transaction was completed as part of Novel’s broader strategy to build a diversified insurance platform under a unified holding company structure.
Novel stated that GeoVera Nova will continue to operate with:
- Its existing leadership team
- Its current underwriting operations
- Its claims management capabilities
- Its existing distribution relationships
- Its relationship with SageSure Insurance Managers LLC
At the same time, GeoVera Nova gains access to:
- Novel’s diversified operating model
- Shared strategic resources
- Experienced management expertise
- Broader platform capabilities
The company described the transaction as an important component of its ongoing platform development strategy.
A.M. Best Ratings Affirmed for GeoVera Nova Members
Novel noted that A.M. Best recently affirmed the ratings of GeoVera Nova’s rated members.
The ratings include:
- Financial Strength Rating: A (Excellent)
- Long-Term Issuer Credit Rating: “a” (Excellent)
The ratings were affirmed with:
- Stable outlooks
The company referenced the affirmation as part of the broader operational and insurance carrier profile within the Novel platform.
Leadership Commentary
Rob Bredahl
Chief Executive Officer
Novel Financial Holdings
“As we continue to scale and diversify Novel, we are excited to partner with Flexpoint given their deep investment experience across the insurance value chain. Flexpoint brings not only flexible capital but also meaningful sector expertise and relationships that will support our growth for years to come.”
Novel stated that the investment supports its long-term objective of expanding and diversifying its underwriting and insurance services platform while strengthening relationships across the insurance ecosystem.
Flexpoint Ford’s Insurance Sector Experience
According to Flexpoint Ford, the firm has invested across the property and casualty insurance value chain for more than two decades.
The firm cited experience across:
- Underwriting platforms
- Insurance distribution businesses
- Insurance services organizations
- Growth-oriented insurance companies
- Specialty insurance platforms
Flexpoint stated that the investment leverages:
- Institutional insurance sector knowledge
- Long-standing industry relationships
- Flexible financing capabilities
- Experience across multiple capital structures
- Expertise in supporting growth-oriented businesses
The company indicated that these capabilities align closely with Novel’s growth objectives and platform strategy.
Flexpoint Commentary on the Investment
Dominic Hood
Managing Director
Flexpoint Ford
“We have known Rob and the Novel management team for many years and have great admiration for what they have accomplished across the insurance industry. We are excited to support Novel’s build-out as a differentiated holding company in the P&C insurance sector that combines fee-based insurance services with the ability to deploy balance sheet capital across multiple classes of business and throughout the underwriting cycle.”
Flexpoint stated that the investment reflects confidence in Novel’s leadership team, operating strategy, and long-term platform development objectives.
Strategic Significance of the Transaction
The investment further supports Novel’s strategy of building a diversified insurance organization that combines underwriting operations, insurance services capabilities, and carrier ownership structures.
According to the company, several characteristics distinguish its operating model:
- Multiple revenue streams
- Diversified underwriting exposure
- Insurance carrier ownership
- Fee-based service income
- Reciprocal exchange management capabilities
- Established underwriting relationships
- Broad insurance market participation
The company believes these characteristics position the platform to continue expanding across multiple insurance sectors while maintaining operational diversification.
About Novel Financial Holdings
Novel Financial Holdings, Inc. is an independent holding company that oversees insurance carriers supporting managing general underwriters (MGUs).
The company manages:
- Policyholder-owned reciprocal exchanges through AIF entities
- Traditional stock insurance companies
- Insurance service arrangements
- Diversified underwriting operations
According to the company, carriers across the Novel platform write approximately $2 billion of annual gross written premium across multiple lines of business.
Novel’s business model combines:
- Fee income from attorney-in-fact entities
- Insurance services revenue
- Operating results from owned insurance carriers
The company is building a diversified underwriting and insurance services platform designed to support long-term growth, scale, and operational diversification.
About Flexpoint Ford
Flexpoint Ford is a specialist private equity firm focused on financial services and adjacent verticals.
Founded in 2005, the firm manages approximately $9.0 billion in assets and operates through two complementary investment strategies:
- Private Equity
- Asset Opportunities
According to the firm, Flexpoint has completed more than 100 investments over the past two decades.
The company is headquartered in Chicago and maintains additional offices in:
- New York
- Miami
Flexpoint focuses on leveraging sector expertise, long-term relationships, and structural flexibility to support businesses across a broad range of investment structures and market environments.
Media Contact
For additional information, visit novelfh.com.
Source Attribution
Source: Company announcement
