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Howden Re launches Novark Group to modernize ILS infrastructure
The venture includes a digital platform for near real-time investment data updates, plus an insurance management and securities administration unit in Bermuda.
Howden Re has launched Novark Group, a new venture designed to modernize parts of the insurance-linked securities, or ILS, market infrastructure. The effort centers on a digital-first platform for insurance management and securities administration, along with a risk transformer called Novark Re.
According to Artemis, Howden Re said Novark is the first platform intended for insurance investors and ILS participants to provide near real-time data updates on their investments. The platform is also positioned for other alternative capital and structured reinsurance arrangements, covering how they are established, administered, and managed.
Artemis reported that Howden Re is marketing Novark as a facilitation, management, and administration platform rather than an investment management provider. Howden Re said the platform aims to improve investor access to returns from insurance and reinsurance opportunities, while decision-making on investment strategy remains with the investor or capital provider.
The Novark Group structure includes Novark, a technology platform, Novark Management Ltd., a Bermuda-incorporated insurance management and securities administration company, and Novark Re Ltd., a Bermuda-based Class 3 insurer and segregated accounts company that can act as a transformer, or risk transformation vehicle. Howden Re said Novark can support ILS and insurance risk transactions whether they are executed through Novark Re or a third-party vehicle.