Novae Group posts record underwriting result
Novae Group, the specialist insurance group, has posted record underwriting profits in its 2013 results but its gross written premiums shrunk substantially largely due to it discontinuing its reinsurance operations relating to engineering and motor business.
The company’s underwriting made a profit of £48.9 million for the year, an increase of 50 percent compared with the £32.6 million it made in 2012. This contributed to the company making an overall pre-tax profit of £42.8 million compared with £39.9 million in 2012.
Its gross written premiums fell substantially to £590.3 million for the year compared with £612.0 million in 2012. It took the strategic decision in the first quarter of 2013 to pull out of certain types of reinsurance and attributed this decline to this decision.
Its combined ratio for the year also improved to 86 % compared with 90% in 2012.
Matthew Fosh, group chief executive, said: “I am delighted with our result for 2013, which for the third time in four years has produced a record underwriting performance and is testament to the discipline and judgement of our team. Maintaining this consistency of performance from a combination of specialist underwriting and sound capital management is central to our strategy.”
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