Novae reports increased GWP
Novae Group has reported gross written premiums (GWP) of £516.4m for the first nine months of 2011.
This is a 9% increase on the result for same period of 2010, which stood at £473.3m.
The insurance segment of Novae contributed 58%, or £301.9m, of the total GWP, while reinsurance made up the remaining 42%.
The company board said it expected 65% of GWP for the whole of 2011 to be in respect of insurance, with 35% in respect of reinsurance.
Novae’s unaudited net claims ratio for the nine months ended September 2011 was 73.5%. For the same period of 2010, the net claims ratio was 60.4%.
The group
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