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CPSC Launches National Effort to Address Recall Fraud

The U.S. Consumer Product Safety Commission announced a national initiative to address fraud and abuse in consumer product recalls. The effort, introduced on April 15, 2026, is part of a broader anti-fraud initiative and focuses on strengthening tools to detect and deter fraudulent activity in recall programs.

The agency is seeking public input to better understand how recall fraud occurs and how it can be prevented without creating additional barriers for consumers or increasing compliance burdens for businesses. Comments must be submitted within 60 days of publication in the Federal Register.

CPSC is requesting feedback from a range of stakeholders, including businesses, recall administrators, consumer advocates, and the general public. The agency outlined several key areas of interest for input:

The scope and characteristics of recall fraud
The costs and impacts on recall programs and consumers
Effective tools and strategies to detect and deter fraud
Methods to reduce fraud without increasing burdens on legitimate consumers
Potential actions the Commission can take under its existing authorities

According to the agency, consumer product recalls remain one of its primary safety tools. CPSC works with companies to remove hazardous products from the marketplace and often facilitates remedies such as refunds, repairs, or replacements. These remedies are designed to encourage consumers to stop using unsafe products.

However, the agency noted that fraudulent activity can undermine these efforts. Acting Chairman Peter A. Feldman stated that recall fraud is not a victimless issue. He said it can weaken product safety measures, drain program resources, and make it more difficult to remove dangerous products from homes.

CPSC also highlighted the operational challenges associated with recall fraud. Fraudulent claims can increase program costs, reduce participation from legitimate consumers, and distort recall data. These effects may limit the overall effectiveness of recall efforts.

The agency emphasized that its goal is to improve fraud detection and prevention while maintaining access to recall remedies for consumers. At the same time, CPSC is evaluating how to avoid adding unnecessary compliance requirements for companies that manage or participate in recall programs.

This initiative signals a focus on balancing fraud prevention with accessibility and efficiency. By gathering stakeholder input, the Commission aims to identify practical approaches that align with its existing regulatory authority.

Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.

New Mountain Capital Launches VictoryRe and NovaRe With Novacore

New Mountain Capital, LLC, announced the launch of VictoryRe, a new reinsurance platform that marks the firm’s entry into the reinsurance carrier market. At the same time, VictoryRe has established NovaRe, a collateralized reinsurance vehicle designed to provide capacity to Novacore, an independent specialty insurance managing general agent. Together, these developments represent an initial step in building an integrated insurance platform that combines underwriting, distribution, and long-term capital.

VictoryRe serves as a long-term platform focused on reinsuring insurance liabilities through aligned capital solutions. In connection with this strategy, NovaRe operates as a dedicated vehicle within VictoryRe and reinsures select specialty business originated by Novacore. This structure reflects New Mountain’s broader goal of creating a diversified, multi-line reinsurance platform over time.

New Mountain brings experience investing across financial services and insurance-related platforms. As a result, the launch of VictoryRe establishes a scalable foundation for the firm’s long-term insurance and reinsurance strategy. The platform also provides flexibility to support expansion into additional insurance and reinsurance verticals. Through NovaRe, VictoryRe supports the continued growth of Novacore’s specialty programs while maintaining underwriting discipline and a focus on long-term profitability.

VictoryRe plans to provide incremental, multi-year premium capacity to support Novacore’s platform. This approach allows for efficient responses to market opportunities while helping preserve balance sheet stability for carrier partners. In addition, NovaRe participates on a risk-attaching basis across diversified property and casualty portfolios within Novacore’s platform. This structure aligns capital providers, carrier partners, and underwriting teams through shared risk and shared return.

Steve Klinsky, CEO and Founder of New Mountain, stated that the launch reflects the firm’s conviction in specialty insurance and its strategy of building integrated and scaled businesses. He also noted that the firm sees opportunities to expand VictoryRe across complementary areas of the insurance and reinsurance market.

Adam Weinstein, President and COO of New Mountain, and Cyrus Moshiri, Managing Director and Head of Structured Credit, emphasized that the creation of VictoryRe and NovaRe results from a long-standing initiative to enter the reinsurance carrier space. They stated that partnering with Novacore represents a logical first step and highlighted plans to grow VictoryRe while investing in additional areas of the insurance ecosystem. They also pointed to opportunities in sectors that benefit from long-duration capital and disciplined asset-liability management.

Robert Mulcare, Managing Director at New Mountain, highlighted Novacore’s ability to identify specialty markets and execute with underwriting precision. He stated that the capital solution aligns long-term investment capital with a diversified portfolio of programs. He also noted that the structure supports responsible growth, disciplined risk management, and sustainable value creation across the specialty insurance landscape.

The transaction reflects New Mountain’s broader strategy of partnering with differentiated underwriting platforms and deploying long-duration capital across insurance and reinsurance markets. This approach focuses on aligning underwriting and capital to support long-term outcomes.

The launch of VictoryRe and NovaRe also underscores New Mountain’s commitment to building a diversified insurance platform while strengthening partnerships across carriers, reinsurers, and specialty program providers.

About Novacore Novacore is an independent, next-generation specialty insurance provider with a bold mission: transforming insurance — for agents, carrier partners, clients and the future. Building on the 35-year track record of NSM Insurance Group, Novacore delivers industry-specific insurance programs through specialized underwriting, advanced technology and trusted carrier partnerships. The company partners with more than 20,000 agents nationwide and offers 15+ specialty programs across a diverse set of markets. For more information, visit novacore.com. About New Mountain New Mountain is a New York-based investment firm that emphasizes business-building and growth rather than excessive risk as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with nearly $60 billion in assets under management. New Mountain seeks out what it believes to be the highest-quality growth leaders in carefully selected industry sectors, then works intensively with management to build the value of these companies. For more information, visit www.newmountaincapital.com. Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.

Fuse Launches Real Estate and Habitational Vertical Amid Split Commercial Property Market

Fuse, an AI-powered commercial insurance intelligence platform, has introduced its Real Estate and Habitational vertical, marking the fourth industry hub on its platform. The launch comes as the commercial property market shows diverging conditions rather than a uniform trend.

Market data heading into 2026 indicates an overall softening environment. Global reinsurance capital has exceeded $700 billion, and property catastrophe reinsurance rates declined at the January 2026 renewal. This represents the steepest year-over-year drop in more than a decade. As a result, capacity is returning, and well-managed, non-catastrophe-exposed commercial property accounts are seeing flat to modestly lower renewal terms.

However, not all accounts reflect this broader trend. Flood-exposed multifamily properties, repetitive-loss risks, catastrophe-adjacent portfolios, and accounts with compressed excess liability layers continue to face different conditions. Admitted carriers are selectively avoiding certain geographies and property types. At the same time, excess and surplus capacity is addressing gaps but often at different pricing and terms. As a result, the market has split rather than moved uniformly.

Fuse’s new vertical aggregates federal and regulatory data into a single view to provide account-level intelligence before submission. The platform compiles real-time information, including:

3,206 properties classified as repetitive loss by federal standards, where National Flood Insurance Program payouts have exceeded property value
297 active FEMA disaster declarations, which signal current risks and potential future pricing shifts
1,573 NFIP flood claims, showing claims activity in flood-prone and catastrophe-exposed areas
60 active rate filings across commercial property and fire lines, tracking rate changes, appetite adjustments, and carrier withdrawals

Fuse states that combining these data points allows users to identify whether an account aligns with softening market conditions or remains in a more restricted segment.

The Real Estate and Habitational vertical integrates multiple categories of intelligence. These include FEMA repetitive loss data, disaster declarations, and rate filings. It also incorporates replacement cost indicators using sources such as the Bureau of Labor Statistics Construction Cost Index, steel producer price index, consumer price index shelter data, and lumber pricing. Additionally, the platform includes economic indicators from nine Federal Reserve Economic Data series and carrier appetite signals across admitted and excess markets.

For brokers, the platform provides visibility into how individual accounts may perform in the current market before submission. Factors such as flood exposure, disaster history, replacement cost changes, and carrier appetite can influence placement strategy. Fuse positions this information as available prior to initial carrier feedback.

For carriers, the vertical offers account-level insights related to rate positioning, exposure to disaster activity, and submission flow relative to underwriting appetite. The platform does not require integration with underwriting or policy administration systems and is accessible directly through Fuse.

The launch completes Fuse’s initial rollout of three verticals within a single quarter. Agriculture, Contractors and Construction, and Habitational are now live, each built on a shared system that synthesizes regulatory filings, federal data, cost indices, and carrier signals into segment-specific intelligence.

Get the latest insurance market updates and discover exclusive program opportunities at ProgramBusiness.com.

California Flood Risk Expands Beyond Traditional Insurance Boundaries

Flooding continues to present a persistent risk across California, even as wildfires and earthquakes dominate the state’s disaster narrative. According to a report from Neptune, recent analysis shows that nearly 2.3 million properties face flood risk over the next 30 years, with more than 110,000 expected to flood with near certainty. This exposure highlights a widening gap between actual risk and current insurance coverage.

Modern flood modeling indicates that 1.1 million properties in California face a 1% or greater annual chance of flooding. By comparison, FEMA Flood Insurance Rate Maps identify approximately 495,000 properties at this same risk level. This difference reveals nearly 600,000 additional properties outside FEMA-designated high-risk zones, suggesting that flood exposure extends well beyond traditionally mapped areas.

Key Drivers of Flood Risk

Flood risk in California is driven by several structural and environmental factors. Atmospheric rivers account for 30% to 50% of the state’s annual precipitation and are responsible for the most damaging flood events. Urbanization also plays a role, as 94% of residents live in urban areas where impervious surfaces increase runoff and strain stormwater systems. In addition, nearly 70% of National Flood Insurance Program policies cover pre-FIRM homes, which were built before modern flood standards and are more vulnerable to damage.

Wildfires further contribute to flood exposure. Post-fire conditions can increase runoff and erosion for five years or more, and even moderate rainfall can trigger debris flows in recently burned areas. At the same time, housing designs that prioritize earthquake resilience, such as wood-frame structures built close to grade, may increase susceptibility to flood damage.

Loss Trends and Insurance Gaps

Historical data reflect the cumulative nature of flood losses in California. Since 1978, the NFIP has paid approximately $1.4 billion in inflation-adjusted losses. While major events account for a significant portion of payouts, moderate flooding across multiple years continues to contribute to overall losses. Notably, nearly two-thirds of NFIP losses have occurred in just ten counties, despite low insurance penetration.

Insurance participation has declined in recent years. NFIP policies in force have decreased by 35% since 2016, while residential flood insurance penetration stands at 1.4% statewide and approximately 31% within FEMA-designated Special Flood Hazard Areas. At the same time, 45% of NFIP claims have occurred outside these high-risk zones, where coverage is often not required.

Affordability and Coverage Limitations

Affordability remains a key factor. Average NFIP premiums have increased by more than 33% since 2016, partly due to updated risk-based pricing. In some areas, premiums account for 5% to 8% of household income. Coverage limits also present challenges. With median home values between $750,000 and $800,000, the NFIP cap of $250,000 for residential buildings often falls short of rebuilding costs.

Flood risk in California continues to evolve, driven by environmental conditions, urban development, and gaps in risk recognition. Current data shows that exposure is widespread, while insurance participation and coverage limits remain limited relative to potential losses.