Marine & aviation drive growth at Novae
Novae Group, the specialist insurance group, has posted a solid third quarter as its marine, aviation and political risk (MAP) division enjoyed a successful quarter.
Its gross written premiums (GWP) increased by 6 percent to £515.1 million in the third quarter of 2014, compared with £484.6 million in the third quarter of 2013.
The insurer’s MAP division saw premium growth of 38 premium with GWP of £193.8 million, compared with £140.7 million in the same period of the prior year.
Novae said that despite increased competition across a number of marine, energy and political classes, the division’s expertise and capability continues to attract opportunities for profitable growth.
“This has resulted in growth across all units within the division, being particularly strong in marine and energy classes supported by the introduction of new hires and continuing success of new business initiatives,” it said.
GWP in the property division decreased by 6 percent to £206.5 million in the third quarter of 2014, compared with £220.3 million in the third quarter of 2013.
Its casualty division saw its GWP fall by 7.1 percent in the quarter to £114.8 million, compared with £123.6 million in the same period of the prior year.
In response to challenging market conditions the division has reduced its exposures across international liability, direct motor and professional indemnity classes. These reductions were in part offset by growth in direct UK liability business and general liability reinsurance where good opportunities for profitable growth were identified.
Investment return for the first nine months of 2014 was £11.6 million on average assets of £1,195.1 million, equivalent to a return of 1 percent on average assets.
Matthew Fosh, chief executive, said: “Good new business growth, active capital management and disciplined underwriting has allowed us to build on the positive momentum gained in the first half of the year. This focus, in addition to another quiet period for catastrophe events, leaves the business in a strong position for the final quarter and going into 2015, despite the softening pricing environment.”
