Novel Financial Holdings, a US underwriting and insurance services holding company, has secured an investment from private equity firm Crestview Partners. The amount, stake size and terms were not disclosed.
According to the release, Novel-managed carriers currently write around $2bn of annual gross written premium across its platform. The company said the investment supports expansion across insurance underwriting and services and broadens Novel's ownership base.
Novel said its strategy includes continued partnerships with SageSure and other third-party managing general agents, building its own individual risk underwriting, and expansion into additional specialty and casualty lines. GeoVera Nova's AM Best A (Excellent) rated entities are the platform for new specialty and casualty underwriting teams.
Rob Bredahl, Chief Executive Officer of Novel, said: “As we continue to scale and diversify Novel, we are excited to partner with Crestview, a firm that has been investing across insurance and reinsurance for two decades and has backed insurance businesses through full market cycles. Crestview brings not only flexible capital but also meaningful sector expertise and relationships that will support our growth for years to come.”
Dan Kilpatrick, Partner and Head of Financial Services at Crestview, said: “We are thrilled to be partnering with Rob and the terrific team at Novel. We believe Novel has assembled a unique and compelling set of capabilities combining insurance underwriting, reciprocal exchange management, and specialized insurance services that positions it to thrive in today’s fast evolving insurance market. We are excited to help the organization drive further growth.”
Howden Capital Markets & Advisory acted as exclusive financial advisor to Novel.
Based in Jersey City, New Jersey, Novel owns traditional insurance carriers, manages policyholder-owned reciprocal exchanges through attorney-in-fact entities, and runs insurance services businesses. Its portfolio includes Forza Insurance Holdings, which owns the attorney-in-fact for the SURE and Elevate reciprocal exchanges, and the GeoVera Nova group.
Novel is also backed by Flexpoint Ford, which invested in the company in June 2026.
Crestview Partners, founded in 2004 and based in New York, is a middle-market private equity firm with over $10bn of aggregate capital commitments.
