Novae hurt by catastrophe losses
Novae said half-year catastrophe losses added 20% to its combined ratio, taking it to 111% and causing a pre-tax loss of £30.1m (H1 2010: profit £13.8m).
The specialist insurer reported gross written premium up 16% to £387.9m (H1 2010: £333.4m) and net premium revenue up 32% to £249.9m (H1 2010: £189.9m).
Matthew Fosh, chief executive, said: "The first
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