Novae reports increased GWP

matthew-fosh-novae

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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