28 April 2014 Insurance

Novae appoints CRO from PwC

Novae Group, the specialist listed Lloyd’s insurer, has appointed Reeken Patel, formerly of PricewaterhouseCoopers (PwC), as its chief risk officer.

Patel will oversee the group’s enterprise risk management strategy. He will also have responsibility for the actuarial and aggregate management functions.

He will report to group chief executive officer Matthew Fosh and will be a member of the executive committee. He will take up the position, subject to regulatory approval, in July.

Prior to his appointment, Patel served as a partner in the general insurance division at PwC. During his tenure he was PwC's London Market actuarial leader and specialised in the field of risk and capital. He also ran several transaction and M&A assignments involving London market companies.

He is also chairman of the London Market Actuaries Group and a member of the Institute and Faculty of Actuaries General Insurance board.

Patel said: “I have worked in the past with the senior management at Novae and have been extremely impressed by the quality of both the management and the business. I am excited to be joining the team at such an interesting time and look forward to helping them build on the significant progress that they have made.”

Matthew Fosh, chief executive of Novae, commented: “Reeken’s background and experience brings enormous value to the business through his insight and knowledge of strategic ERM. For someone as talented and well respected as Reeken to be joining us in our pivotal CRO role is a big step forward for Novae, and we are delighted to welcome him to the business.”

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