Group highlights
- Group gross written premium for the nine months of 2009: £308.2 million, up 15.1% (Q1-Q3 2008: £267.8 million)
- Rate increases averaged 9% for the first nine months of 2009 (Q1-Q3 2008: 7% reduction)
- Investment return during the first nine months of 2009: £26.5 million (Q1-Q3 2008: £32.0 million). This equates to an annualised return on average invested assets of 3.34% (Q1-Q3 2008 annualised return: 4.44%)
- A more benign claims experience in the three months to 30 September 2009 compared to the first half of the year
- Novae’s bank facilities increased and extended
British non-life insurer Novae Group Plc said on Wednesday a healthy third-quarter profit helped in offsetting losses at its credit and aviation reinsurance business in the first half.
While Novae expects its aviation reinsurance business to benefit from rate increases in the fourth quarter, it remains cautious about the specialty business, the largest of its four reporting segments.
Novae, which had swung to a pretax loss of 2.1 million pounds ($3.52 million) in the first half of the year, said it expected increasing diversification of its underwriting portfolio to help the company in 2010.
“If the steady improvements enjoyed during the third quarter are maintained for the remainder of the year, we can counter the disappointments of the first half,” Chief Executive Matthew Fosh said in a statement.
During the nine months ended Oct. 31, the company’s gross written premium rose 15 percent to 308.2 million pounds.
Investment return during the period was 26.5 million pounds, compared with 32.0 million pounds in 2008.
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