Formation of Novae Re
(Thomson Reuters ONE) - 20 August2009 Novae Group plc Formation of Novae ReNovae Group plc ("Novae" or "the Group") today announces theformation of Novae Re, a new unit writing an international andpredominantly reinsurance account.The new unit, which is made up of 12 senior, experienced underwritersand 8 actuarial and support staff, is led by Gunther Saacke,previously Head of Reinsurance at Endurance, the Bermudan(re)insurer. The unit will write new business with effect from 1January 2010 and will be integrated with the Group's existingreinsurance business. Novae Re will offer a materially expanded rangeof reinsurance products, including specialist classes such asagriculture and engineering, which have traditionally not come to theLondon market. These classes will further diversify the Group'sproduct range, and will shorten the tail of the Group's book overall.In 2010 the unit is anticipated to write gross premium income of c.£100 million, and will be looking to grow the premium incomethereafter subject to market conditions.In 2009 the incremental cost of the new unit, including establishmentand other items, is not expected to exceed £3 million. For 2010 andsubsequent years the annual core cost impact at a Group level isexpected to be around £7 million. The formation of the new unitremains subject to FSA and Lloyd's approval. The Group expects tofund Novae Re from a combination of existing Group resources and newdebt facilities.Matthew Fosh, Novae's Chief Executive, today commented: "Theformation of Novae Re brings a combination of strategic benefits. Itdiversifies our product range; it allows more efficient allocation ofcapital and begins to utilise the surplus capital across the Group.It also shortens the tail of our business overall."DisclaimerThe financial information contained in this release is based onunaudited management information. Certain statements made in thisstatement are forward-looking. They are based on current expectationsand are subject to a number of risks and uncertainties that couldcause actual events, results or outcomes to differ materially fromany expected future events, results or outcomes referred to in theseforward-looking statements.For further information:Matthew Fosh - Novae Group plc 020 7903 7300Nick Miles - M:Communications 020 7153 1535---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 20.08.2009 - 08:01 Uhr
Sprache: Deutsch
News-ID 4897
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 714 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Formation of Novae Re"
steht unter der journalistisch-redaktionellen Verantwortung von
Novae Group plc (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
