Novae Group return to H1 profitability

Specialist insurance group, Novae, has posted a profit, before tax, foreign exchange losses on non-monetary items and non-recurring items, of £19.6 million in its H1 2012 interim results.

This result is in sharp contrast to the loss £30.1 million that Novae Group posted in the first half of 2011.

Gross written premium were also up from £387.9 million in H1 2011 to £395.6 million this year.

“Following the record catastrophe events of last year, Novae resumed steady net asset growth in the first half of 2012 through an improved underwriting performance and another strong investment return,” said Matthew Fosh, chief executive office at Novae Group

“The Group’s strategy, to move Novae towards a shorter tail, property business with a higher weighting to reinsurance, remains unchanged and on track, delivering the Board's targeted return on equity in the first half.”