Novel secures investment from Flexpoint Ford
Novel Financial Holdings, an insurance holding company focused on underwriting and insurance services, has secured an investment from private equity firm Flexpoint Ford to support its continued expansion.
The investment comes from Flexpoint Asset Opportunity Fund III and Flexpoint Insurance Opportunity Fund I and broadens Novel’s ownership base while maintaining its position as an independent insurance platform.
Led by insurance industry veterans, Novel manages both reciprocal exchanges through attorney-in-fact entities and traditional stock insurers through direct ownership and service agreements. The company combines fee income from these arrangements with insurance operating results to build a diversified business across underwriting exposures and revenue streams.
Novel’s portfolio includes Forza Insurance Holdings, which owns the attorney-in-fact entities managing SureChoice Underwriters Reciprocal Exchange and Elevate Reciprocal Exchange, as well as the GeoVera Nova group of companies. Across these businesses, Novel supports residential homeowners, residential earthquake, business, and commercial residential insurance lines.
The company also completed an internal restructuring earlier this year. Effective April 1, 2026, GeoVera Nova became a wholly owned subsidiary of Novel through a share exchange among substantially common shareholders, bringing the business under the Novel umbrella as part of its strategy to build a diversified insurance platform.
GeoVera Nova will continue operating with its existing leadership team and maintain its underwriting, claims, and distribution relationship with SageSure. In May, AM Best affirmed the Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Ratings of “a” (Excellent) for GeoVera Nova’s rated insurance companies, all with stable outlooks.
Flexpoint has invested across the property and casualty insurance sector for more than two decades, partnering with companies involved in underwriting, distribution, and insurance services.
According to the company, carriers managed across the Novel platform write approximately $2 billion in annual gross written premium across various lines of business.