Lloyd’s insurer Novae has reported a 15.8% rise in its gross written premiums (GWP) for the first nine months of the year.
The insurance group said its GWP up to September 30 reached £717.4 million, significantly higher than £619.5 million from the same period in 2015.
Premium growth was achieved across all divisions as the insurer continues to invest in classes of business where rates remain favourable.
“Our trading experience during the first half of the year continued into the third quarter, with a higher incidence of larger individual risk and catastrophe losses partially offset by a strong investment performance,” said Novae CEO Matthew Fosh.
“Our focus on disciplined underwriting remains, continually reshaping our portfolio to focus on those underwriting areas where we have a demonstrable competitive advantage,” he added.
Compared with 2015, Novae experienced an increase in losses from natural catastrophes this year. There were also a number of large risk losses, including the Jubilee oil field loss, the SpaceX Amos 6 satellite loss, and two product recall events.
However, investment return for the first nine months was £39.9 million, equivalent to a pre-tax return of 3.0%.
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