Novae reports £40.2m pre-tax profits for 2008
Lloyd's insurer Novae has reported a pre-tax of £40.2m for 2008 despite an estimated $40m (£28.1m) loss from Hurricanes Gustav and Ike (net of reinsurance and reinstatement premiums).
It added net tangible assets per share was 410.8p, up 12% from 2007 and net tangible assets per share including off balance sheet deferred tax asset: 434.7p, up 10% from the previous year.
Looking ahead Novae said it is currently anticipating that rates will increase across its account as a whole by some 5-10% in 2009, with considerable divergence between segments. Property and aviation & marine are expected to see more significant increases, with specialty broadly in line with the whole and
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