Stock rises more than 25p after reinsurance announcement
Lloyd’s insurer Novae rose 25.8p to 310.8p after it launched a new international reinsurance unit, The Times reports.
Novae has formed a new unit writing £100m of international and predominantly reinsurance business called Novae Re.
The new unit is made up of 12 senior, experienced underwriters and eight actuarial and support staff. It is led by Gunther Saacke, previously head of reinsurance at Bermudan reinsurer Endurance.
It was start writing business on 1 January, 2010.
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