15th Sep 2014 09:06
LONDON (Alliance News) - Lloyd's of London insurer Novae Group PLC Monday said it is set to launch a Bermuda-based business, subject to UK and Bermudan regulatory approvals, as a group reinsurer of and coverholder for Syndicate 2007 at the specialist insurance market.
Novae said Philippe Chevereau would be the resident manager for the new Bermuda business and will retain his position as the head of property casualty treaty reinsurance.
"We have identified a number of opportunities in Bermuda that would enhance our strategy," said Novae Chief Executive Matthew Fosh.
Novae shares were untraded on Monday, quoted at 537 pence per share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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