Novae nets profit in "defining year"
The Novae Group announced a profit of £32.8m for 2006, following a £17.9m loss in 2005. The combined...
The Novae Group announced a profit of £32.8m for 2006, following a £17.9m loss in 2005. The combined ratio improved dramatically from 104.6% to 81.4%. Chairman Paul Selway-Swift of Novae said: "During 2006 the rating environment clearly softened in a number of classes, particularly in UK commercial and liability lines, but this is from very high levels, so the immediate outlook remains encouraging.
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