Novae gross written premiums up 6 percent

Novae Group has reported a six percent increase in gross written premiums for 2011, rising from £587.7 million in 2010 to $624 million in 2011.

The group also reported a small loss of $6 million.

“2011 was a torrid year for the non-life insurance industry, but it did not prevent Novae from persevering with the changes and the re-positioning of its business which we committed to in 2009,” says Matthew Fosh, chief executive officer of Novae Group.

“The market is not universally soft and, after a year which posed so many threats across the industry, the Group has emerged confident in its strategy and its ability to exploit the opportunities that exist.”