Novae 'rebalances' book to deliver £49m profit
Novae has reported underlying profit before tax of £49.3m (2011: £6m loss) while the underlying pre-tax return on equity was 17.6% (2011: negative return of 2.1%).
Chief executive Matthew Fosh attributed the reduction in gross written premium to £612m (2011: £624m), to its strategy of rebalancing its book from its predominantly longer-tail, liability past
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