Novae bolsters reserves against rising financial crisis claims

Lloyd’s insurer Novae’s financial institutions business made a loss in 2013 after the company had to strengthen reserves against rising claims in the business line.

The company said in its 2013 results that it had to bolster reserves for  “specific sub-prime claims arising from the global financial crisis”.

Novae added that it continues to benefit from “extensive reinsurance protections” which limit the net effect o the claims on the Lloyd’s insurer’s results.