Novae Insurance Company Limited
(Thomson Reuters ONE) -
Novae Group plc
Novae Insurance Company Limited
Novae Group plc ("Novae" or "the Group") has received consent to the transfer of
insurance liabilities from Novae Insurance Company Limited ("NICL") to the
Group's Lloyd's Syndicate 2007. An order was made by the High Court on 21
September 2010 and by the Royal Court of Jersey on 24 September 2010.
Following the transfer of insurance liabilities, the surplus capital held by
NICL will be available for redeployment in underwriting elsewhere in the Group
or for return to shareholders. Proposals for the return of any surplus capital
to shareholders will be published in early December 2010, following the Lloyd's
coming-into-line date of 29 November.
Chief Executive, Matthew Fosh, said: "We announced our intention to take these
steps at the end of last year. Such a transfer into Lloyd's has not previously
been done and it is pleasing to have completed the process. Having unlocked this
capital, we are now significantly closer to delivering the improvements to our
return on equity set out in our December 2009 announcement"
For further information:
Matthew Fosh - Novae Group plc 020 7903 7300
Nick Miles - M:Communications 020 7920 2330
[HUG#1446849]
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Source: Novae Group plc via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 27.09.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 43049
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contact information:
Town:
London
Kategorie:
Business News
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