5 August 2015 Insurance

Novae profits and growth jump in H1

Specialist insurer Novae posted a strong set of results for the first half of 2015, as it benefited from a jump in pre-tax profits and gross written premiums (GWP).

Its GWP increased to £463.1 million in the first half of 2015, compared with £362.6 million in the first half of 2014, while its pre-tax profit hit £29 million in the first half of 2015, compared with £22.6 million in the same period of the prior year.

The top line growth was driven by Novae’s property and casualty divisions which reported growth of 36.4 percent and 27.7 percent, respectively.

Novae added that investment in new underwriting teams contributed to growth, along with the strengthening of sterling against the US dollar and from Novae being the sole capital provider to Syndicate 2007 for the 2015 underwriting year of account.

Additionally, the insurer’s combined ratio improved to 89.8 percent in the first half of 2015, compared with 91.8 percent in the first half of 2014.

Matthew Fosh, group chief executive, said: “Novae has achieved a strong performance in the first half of 2015. Investment in underwriting has produced disciplined growth in targeted classes, delivering a record underwriting contribution.

“Novae’s agility and expertise, together with ongoing improvements to the business, enables us to find and exploit good opportunities in a challenging market.”

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