CHEYENNE, Wyo., Nov. 20, 2017 (GLOBE NEWSWIRE) — Novea Inc, the developer of the Jacana Warranty app, is pleased to announce that Madison RE I.I. has been chosen to provide reinsurance for its wholly owned subsidiary, Jacana Insurance.
Jermaine McDonald, SVP of Risk Management for Novea, Inc. stated, “Having Jacana Insurance established as a wholly owned captive specialty insurance provider is an important aspect of Novea Inc.’s extended warranty business model. The choice of Madison RE I.I. provides Jacana Insurance with structure and the necessary backstop required to build out the Jacana Warranty business.”
About Madison RE I.I.
International Insurer Madison RE I.I. was formed in 2015 to provide a first of its kind reinsurance program for clients of Captive Alternatives, the insurance consultancy that pioneered the Protected Captive™ business model and all insureds of its direct writer Madison National Insurance Company. www.madisonreii.com
About Novea Inc.
Novea Inc. is a financial services software company which has developed the Jacana Warranty app (www.JacanaWarranty.com) with the goal of becoming the consumer’s choice in the extended warranty market. With its cutting-edge CRM system’s fast and convenient service, Jacana Warranty puts the warranty buying power back in the hands of the consumer. Novea has established Jacana Insurance, a wholly owned subsidiary of Novea Inc., as a captive specialty insurance carrier. www.NoveaIncUSA.com
Certain statements in this press release including, but not limited to, statements related to anticipated commencement of commercial production, targeted pricing and performance goals and statements that otherwise relate to future periods are forward-looking statements. These statements involve risks and uncertainties, which are described in more detail in the Company’s periodic reports filed with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements are made and based on information available to the Company on the date of this press release. Novea Inc. assumes no obligation to update the information in this press release.
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John McDermott, Investor Relations