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Daily Insurance Industry News
Tuesday 14th of August 2018
December 3, 2010

Novae to return £32.9m to shareholders

by Gill Montia

Story link: Novae to return £32.9m to shareholders

Novae has announced that it intends to return approximately £32.9 million of capital to shareholders, equating to 45 pence per ordinary share.

Following a series of actions to improve its return on equity, the group’s FSA registered Novae Insurance Company Limited (NICL) had surplus capital of over £60 million as at 31st December 2009.

The company is therefore transferring NICL’s in-force business to its Lloyd’s business and the surplus capital held by NICL is now available for redeployment in underwriting elsewhere in Novae, or for return to shareholders.

The return of capital is being made through an issue of B shares and C shares, combined with a consolidation of existing ordinary shares.

 

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