11th Nov 2015 10:59
LONDON (Alliance News) - Novae Group PLC on Wednesday said it is "well positioned" for a "strong" underwriting performance for the full year, so long as there are no major hiccups in the final quarter.
The specialist Lloyd's of London insurance company said that gross written premium increased to GBP619.5 million in the nine months to September 30, compared with GBP515.1 million in the corresponding period the prior year, driven by investment in new underwriting teams.
Weighted average rates on renewal premium declined by 3.4%, Novae said, while claims experience was in line with expectations.
The investment return for the first nine months weakened to 0.1% from 1.0%.
"The group continues pro-actively to manage its underwriting portfolio, building on the strong underwriting performance in the first half of the year. Another benign period for catastrophe events leaves the business well positioned for the final quarter, despite a softening rating environment," Chief Executive Matthew Fosh said in a statement.
Shares in Novae were up 2.3% at 868.00 pence on Wednesday in the late morning.
By Samuel Agini; [email protected]; @samuelagini
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