Novae reports 5% improvement on GWP for Q1

This is an improvement of 5.7% on the GWP of £218.7m reported for the first quarter of 2011.

The group said this represented 37% of planned gross written income for the year.

Of the total GWP, £106.1m came from the insurance side of the business, while the remaining £125m was generated by the reinsurance arm.

In its interim management statement, Novae said its insurance segment had performed in line with the business plan in Q1 2012, and highlighted the fact that the UK property units benefited