13th May 2015 08:08
LONDON (Alliance News) - Lloyd's of London insurer Novae Group PLC on Wednesday said its gross written premiums increased in the first quarter, with good like-for-like growth and a solid contribution from its new underwriting teams.
Novae said its gross written premium volumes in the quarter rose to GBP257.6 million, compared to GBP195.1 million a year earlier. The group said its like-for-like growth in the quarter was 7%, with strong growth also coming from its new underwriting teams.
The group added its claims experience was in line with its expectations in the quarter, while its investment return in the first three months was 0.3%, down from 0.4% a year earlier.
"Novae has made a very strong start to 2015, achieving growth of 7% from our existing portfolio and excellent contributions from the investments we have made in underwriting talent. We continue to identify opportunities for further profitable growth without compromising underwriting discipline and we remain positive about the prospects of the group," said Chief Executive Matthew Fosh.
Shares in Novae were up 1.0% to 694.78 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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