Novae Group has said its new FSA-regulated insurance company subsidiary, Novae Insurance Company has been assigned a Financial Strength Rating of A- (Excellent) by AM Best.
The rating was granted following the Group's written confirmation that it has contributed the planned capital of £100m to the company.
Novae Insurance will commence trading on 1 July 2006.
Peter Matson, chairman of Novae Insurance, said: “This follows the FSA's approval of the business plan in April 2006 and is further endorsement of both the current business and our future plans.
“We can now move ahead with the Group's strategy of creating a dual platform, writing large, international, specialist risks through our flagship Lloyd's business and servicing the UK commercial lines market."
