Specialist insurance group Novae Group plc has reported its interim results for the first six months of 2010. The firm made a pre-tax profit of £13.6m (before currency gains on non-monetary items), a return to the black after a £2.1m loss during the same period last year. This follows annual pre-tax profits in 2009 of [...]
Novae Group has announced that Novae Re has opened new offices in Zurich. The new offices come as Novae seeks to enhance its presence in the important European reinsurance marketplace. Presently, Novae writes business from its London office, and it announced last year the formation of the Novae Re business in Zurich. The firm has [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
