Novae returns to profit and improves COR by almost 20%
Novae Group returned to profit in the six months ended June 2012, making £19m, compared with a loss of £30m in the same period of 2011.
The specialist insurance group attributed improved profits in the insurance segment of the business to an improved result on direct property business, reflecting more benign UK winter weather.
Novae said in its statement: “Claims notifications from the more recent summer floods in the UK and northern Europe have been relatively modest and are not currently expected to have an impact approaching that of the previous two winter freezes.”
The group reported gross written premium (GWP) of £396m for
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