Novae posts improved profit and COR
Group chief exec praises gains made despite challenging environment.
Novae has reported gross written premium (GWP) of £362.6m for the first six months of 2014.
This is slightly higher than last year’s GWP of £361.8m.
Profit before tax almost doubled to £22.6m from £11.8m, and combined ratio improved to 91% from 96%.
Matthew Fosh, group chief executive, commented: “The group produced an impressive performance in the first half of the year, delivering 6% organic growth and an improved claims ratio.
“Novae continues to deliver an improving performance despite a
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