Novae Group gross written premiums up 6.3% for first nine months of 2014
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Novae Group P.L.C., a specialist Lloyd’s of London insurer and reinsurer, posted gross written premium of £515.1 million ($817.6 million) for the first nine months of 2014, a 6.3% increase over the comparable period last year, the company said in its interim management statement Wednesday.
Novae said that across its portfolio, rates on renewal business fell by 3.3% for the nine-month period to Sept. 30, 2014.
“Particularly pronounced rate reductions were experienced in U.S. property catastrophe reinsurance, which declined by 10% compared with the same period last year,” Novae said in the statement.
Novae said that the overall claims experience for the year currently is favorable with claims from the Malaysian airlines tragedies “within normal risk appetite.”
The company said that a focus on disciplined underwriting, coupled with a quiet period for catastrophe losses, “leaves the business in a strong position for the final quarter and going into 2015, despite the softening pricing environment.”
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