Novae reports rise in profits
Novae Group has reported an increase in profit before tax and foreign exchange movement on non-monetary items to £13.6m during H1 2010 (H1 2009: loss of £2.1m).
Operating profit before tax and foreign exchange movement on non-monetary items rose to £18.2m (H1 2009: loss of £5.1m).Gross written premium increased by 51% to £333.4m (H1 2009: £220.3m).
Matthew Fosh, chief executive, said: “Novae has delivered a good result given a challenging marketplace for underwriting. Premium growth has been disciplined and focussed in new areas of underwriting. The market experienced a significant number of major losses in the first half although rating in many areas
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