Novae reports £40.2m pre-tax profits for 2008

It added net tangible assets per share was 410.8p, up 12% from 2007 and net tangible assets per share including off balance sheet deferred tax asset: 434.7p, up 10% from the previous year.

Looking ahead Novae said it is currently anticipating that rates will increase across its account as a whole by some 5-10% in 2009, with considerable divergence between segments. Property and aviation & marine are expected to see more significant increases, with specialty broadly in line with the whole and