New Course Insurance is a wholly-owned captive insurance vehicle that underwrites risk across the New Course development portfolio. By internalizing coverage that most developers offload to third-party carriers, New Course assumes direct economic exposure to the quality of its own underwriting – the same discipline that governs how we capitalize, build, and operate every project.
New Course Insurance is currently in the process of being formed.
The captive is reserved against real project exposure, supported by independent actuarial review, and structured to compound the long-term capital base of the platform. It is one expression of a broader principle: that vertical integration, when properly governed, produces better-aligned outcomes than counterparty relationships built on opposing incentives.
When the loss is ours, prevention is an investment, not an expense. New Course retains direct exposure across multiple lines of project risk, which aligns every operating entity in the platform – from jobsite safety at New Course Builders to design, contractor selection, and asset operations – with the underwriter. Peril mitigation is no longer a cost-center decision. It is a capital allocation decision, with measurable returns inside the captive.
Most developers cede project risk to third-party carriers and treat safety as a compliance line item. New Course retains direct loss exposure through its captive – which means New Course Builders' safety record, contractor selection, and jobsite discipline are not operational concerns alone, but direct contributors to platform-level returns. Every dollar invested in peril mitigation flows back through reduced loss costs and stronger reserves.
Captive structures only work when operating behavior changes. Because New Course holds direct loss exposure across its insurance lines, the platform is economically aligned to underwrite less peril into its own portfolio. Safety investment at New Course Builders, peril-hardened design, and disciplined contractor selection are not insurance-adjacent decisions – they are inputs to the captive's loss ratio, and ultimately to the holding company's capital base.
Coverage spans the construction and operational phases of New Course projects – across the primary risk categories that affect institutional real estate development.
Construction-phase coverage protecting the project against physical loss or damage during the build – underwritten with full knowledge of the GC, schedule, and construction methodology.
Owner-Controlled Insurance Program (OCIP) providing consolidated general liability and workers' compensation coverage across all subcontractors on New Course projects.
Coverage for stabilized and operating assets held within the New Course portfolio – coordinated with the enterprise's balance-sheet risk profile.
Specialized risk management and insurance services for EB-5 developers and investors.
New Course Insurance uses an underwriting discipline that benefits from first-hand visibility into every project.
– New Course Insurance
Conducts institutional-scale ground-up development across mixed-use, residential, and student housing asset classes. Disciplined underwriting, complex entitlements, and full project lifecycle management from land acquisition through certificate of occupancy.
Oversees the enterprise's third-party investment vehicles – including the New Course private credit fund – delivering risk-adjusted returns to limited partners while participating as the general partner in its own investment vehicles, aligning the firm's capital directly with that of its investors.
Combines Regional Center sponsorship with a vertically integrated development platform designed to enhance transparency, execution, and alignment for EB-5 investors.
Operates as the enterprise's dedicated general contracting subsidiary, enabling tighter coordination between development and construction while preserving greater control over cost, quality, and delivery across the portfolio.
Whether you are a prospective LP, joint venture partner, or financing source, we welcome the conversation. New Course's team engages directly with qualified counterparties.
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