23rd Oct 2006 14:15
Novae Group PLC23 October 2006 NEWS RELEASE For immediate release Novae Group plc Novae to merge Lloyd's Syndicates Syndicate 2007 Novae Syndicates Limited (NSL), the Lloyd's platform for Novae Group Plc, todayannounced it is to merge its syndicates 1007 and 2147 with effect from the 2007year of account. The newly merged entity is to be renumbered Syndicate 2007 and will have amerged capacity for the new year of account of £360 million - the aggregate ofthe 2006 capacity of syndicates 1007 and 2147. Non-aligned capacity on the newly merged syndicate will be less than 6 per centand it is NSL's stated objective to acquire the remaining capacity that it doesnot already own. Alan Hicks, who is currently Active Underwriter of syndicate 2147, will becomeActive Underwriter of syndicate 2007 whilst Jonathan Butcher, currently ActiveUnderwriter of syndicate 1007, will become Deputy Underwriter. A summary of the business plan for the combined syndicate submitted to Lloyd'sin September is available on the company's website. Commenting on the syndicate merger, Group Chief Executive Matthew Fosh said:"The merging of our two Lloyd's syndicates puts into place one of the finalpieces of the planned restructuring and rejuvenation of Novae's business. Thenew combined syndicate will provide a larger, more resilient Lloyd'sunderwriting platform to the benefit of our clients, brokers, rating agenciesand regulators." Ends For further information: Matthew Fosh - Novae Group plc 020 7903 7300 Nick Miles - M Communications 020 7153 1535 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Novae Group