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Daily Insurance Industry News
Tuesday 25th of September 2018
August 21, 2009

Novae Re established

by Richard Kilner

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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 from 1 January 2010 and be fully integrated with Novae’s pre-existing reinsurance activities.

With the formation of Novae Re the firm will broaden its reinsurance offering, including specialist areas such as agriculture and engineering.

In its first year Novae has forecast the unit will write approximately £100m of gross premium, and plans to build upon that into the future.

However, formation is contingent upon getting the regulatory green light from both Lloyd’s and the Financial Services Authority.

Chief Executive Matthew Fosh has stated the new unit will deliver multiple benefits including diversification of product range and enhanced efficiency.

The announcement comes after Novae announced it had incurred pre-tax losses of £2.1m in the first six months of the year, a result attributed to the large number of claims made in aviation, such as the missing Air France plane.

 

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