Novae Group plc 2009 results
Novae released its 2009 Results today. Please click here for the full release to the LSE
Our extract as follows:-
| NOVAE | NOVAE | |
| 2009 FY - 4/3/2009 | 2008 FY - 6/3/2009 | |
| Gross Written Premium | £389.1m | £345.7m |
| Premium Rate Movements info | "the overall rate increase across the Group's book of business was around 9%. This breaks down into an increase for the Specialty and Property segments of around 10%; for Liability of around 3% and for Aviation & Marine of around 13%. For 2010 the Board is currently anticipating that the whole account is broadly neutral, reflecting rate increases in areas which have recently experienced heavy loss activity, and modest movements in areas where claims activity has been benign." | |
| Investment Return | £31m = 3.0% | £50m = 5.1% |
| Result before tax | £17.7m prior to forex effects | £27.3m |
| Run off | "Novae withdrew from US liability reinsurance business in 2002 and its exposure to direct business was cut back significantly in 2004/2005. As a result the Group has consistently said that, while some notifications and claims are inevitable, by virtue of its very limited appetite for US liability business,Novae does not expect its ultimate exposure to US sub-prime to be significant." | |
| Dividend | 11p | 10p + 4p special |
| Other | Formation of Novae Re to u/write reinsurance business with estimated gross written premiums of £90 - £100m for 2010. NICL the UK insurance subsidiary folded into Lloyd's business releasing surplus capital. | |
| Losses | Aviation losses of £19m and trade credit and political risk losses of £12m in first half of 2009. |
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