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Novae enters U.K. property market


LONDON— Novae Group P.L.C. has entered the U.K. property market with the appointment of four underwriters from Wellington Underwriting P.L.C.

Mike Platt has joined from Wellington with his team, comprised of Darrian Kempster, Barrie Roper and Tim Simpson-Lee.

"The companies market is currently writing business far below the correct rate and as a result, players in that market will begin to see big losses and will pull out, improving conditions for the Lloyd's market. The potential for growth when the market does change is enormous. And when it turns again we will have a good broker base and a range of products to capitalize on," said Mr. Platt in a statement.