Various syndicates and insurers in the London Market have reported a profitable year following the release of their annual results.
Novae recorded its second successive year of record profits despite citing continuation of difficult trading conditions last year. Profit before tax was up by 31% to £41m (2006: £31.3m), with operating profit rising by 21% to £56.4m (2006: £46.8m) and a combined ratio of 90.4%. The insurer also stated that it had released £5.8m from its reserves.
Following reports of
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