Novae hit by US catastrophes and Ogden as profit drops 45%
Novae has described its 98.3% pre-Ogden 2016 combined operating ratio as disappointing while the Lloyd's (re)insurer's investment portfolio performed well.
The insurer said its pre-Ogden loss ratio of 51.7% included 5.7% for catastrophe events compared with 2% in 2015. Many of the natural catastrophes during the year, including Hurricane Matthew, were
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