Specialist insurer Novae announced this morning that pre-tax profit came in at £32.8m, reversing the £17.9m loss the company made in 2005.
The insurer said operating profit before foreign exchange movements and finance costs were £53.3m (2005: £0.1m loss) and the combined ratio fell to 81.4% from 104.6% in 2005.
Matthew Fosh, group chief executive, said: "2006 was a defining year for Novae. The formation of our FSA insurance company and the associated rights issue were major steps forward for the Group.
"Although evidence of a steadily softening underwriting cycle continues, high quality underwriting teams are keen to join us, and morale over continued prospects for growth and profitability in 2007 remains high'
