Novae announces 2009 profits
by Richard Kilner
Story link: Novae announces 2009 profits
Novae Group plc has released its preliminary financial results for 2009.
The firm recorded underlying pre-tax profits (excluding foreign exchange loss on non-monetary items) of £17.7m, down substantially on the £27.3m of 2008.
Including notional foreign exchange loss the pre-tax profits were further reduced to £4.2m.
Post-tax profits were recorded at £26.4m, down from £37.1m in the previous [...]
Novae Re established
by Richard Kilner
Story link: Novae Re established
Novae Group plc has announced it has established Novae Re, a new unit dedicated to writing international and predominantly reinsurance account.
The new unit will be staffed by eight actuarial and support staff and 12 veteran underwriters.
Novae Re will be led by Gunther Saacke, formerly head of Reinsurance with Bermudan firm Endurance.
It will begin operations effective [...]
Novae appoints HR director
by Richard Kilner
Story link: Novae appoints HR director
Novae Group, the specialist insurance and reinsurance carrier, has announced the appointment of John Renz to the post of Human Resources director.
In his new post Renz will be responsible for supervision of operations of Group, syndicate and insurance companies.
He leaves behind the post of HR director with Mourant, a financial services administration and advisory firm, [...]
Novae will not acquire Chaucer
by David Masters
Story link: Novae will not acquire Chaucer
Rival underwriters Novae and Chaucer will not merge after talks between the two companies fell through.
Novae said it had not been possible to work out a deal that was in the interests of shareholders.
Chaucer, which recently reported its first annual loss in seven years, said it is in continued discussions with other companies regarding a [...]
Novae reports ’successful’ 2008
by David Masters
Story link: Novae reports ’successful’ 2008
Lloyd’s insurer Novae has reported its 2008 results, falling narrowly short of the firm’s record profits posted in 2007.
Pre-tax profit for full year 2008 was £40.2 million, compared to £41 million in 2007.
Chief executive Matthew Fosh pointed out that the near record results were achieved despite a “much more difficult underwriting and investment environment.”
Gross [...]
Novae Insurance enhances its Midlands presence
by Richard Kilner
Story link: Novae Insurance enhances its Midlands presence
Bronwen Horn has been named by Novae Insurance Company Limited as the firm’s new development underwriter in Birmingham.
In her new post Horn will be responsible for leading forward Novae’s presence in the region and begins work for the insurer with a focus upon financial lines products.
She will support the current base of brokers as well [...]
Novae profits rise 31%
by David Masters
Story link: Novae profits rise 31%
Novae has announced its results for 2007, with profits before tax of £41 million, an increase of 31% compared to 2006.
However, the group’s gross written premiums fell by £1.3 million compared to 2006 to £302.6 million, and combined ratio saw a heavy increase, from 81.4% in 2006 to 90.4%.
Matthew Fosh, Novae’s chief executive, said of [...]
Novae Appoint AIG’s Gibson
by Stewart Douglas
Story link: Novae Appoint AIG’s Gibson
Insurance company Novae have today announced the appointment of a former AIG executive to its post as head of Scotland and Northern Ireland regions, as part of its ongoing strategy of corporate development outwith its core business markets.
The company has today announced former AIG man John Gibson as its new head for regional development in [...]
Novae Announce Senior Appointment
by Stewart Douglas
Story link: Novae Announce Senior Appointment
Novae Syndicates have today announced the appointment of Richard Allen to the post of unit head of the Financial Institutions team, to succeed current boss Jonathan Butcher when he assumes a new role later on in the year.
The appointment is set to bring Richard Allen to the forefront within the Financial Institutions Department, with a [...]
