Novae Group has entered the Lloyd's energy market with the appointment of a dedicated underwriter to Novae Syndicate 2147.
The appointment of Jason Poulastides, who was previously deputy energy underwriter for St. Paul Travelers Syndicate 5000, comes as the energy pushes through some of its biggest ever rate increases.
Novae will write subscription business for offshore and onshore production risks. It said it would take a “conservative approach” to Gulf of Mexico risks – where Hurricanes Katrina and Rita wreaked devastation last summer, causing losses estimated up to $5 billion.
Poulastides said: “This is a great time to develop a new energy portfolio but this is not purely an opportunistic venture – Novae plans to be a long-term player in the energy market.
“Now is an excellent opportunity to be writing energy business because Novae has none of the legacy claims issues. We are in a very hard market right now but we're taking a sensible approach to build up a solid, long-term profitable book of business.”
Peter Matson, Novae Group's chief underwriting officer, said: “Jason is a highly respected specialist in the energy field and his appointment marks Novae's commitment to both business and product development as well as to attracting the market's most talented underwriters.”
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