Novae lifts GWP 48% to help meet December ‘measures’

Lloyd’s insurer Novae increased gross written premium (GWP) in the first quarter of this year to £167.2m, a 48% increase on the £113.1m posted in the same period last year.

Rates increased 2% in the first quarter, compared with 5% last year.

Chief executive Matthew Fosh said: “In December last year we set out specific measures within a clear timeframe to raise the group’s return on equity across the underwriting cycle. Four months into 2010, we can report significant progress in meeting these objectives.”

The insurer said it continued to expect Novae Re to write £90m-£100m of gross premium this year.