Underwriting responsibility assumed by Jeremy Adams

Peter Matson is to stand down from his role as chief underwriting officer of Lloyd's insurer Novae on 30 April. He wil also relinquish his board membership.

Matson joined Novae in 2004 after the sale of PRI, where he was a founding director and chief underwriting officer.

Prior to this, he was the active underwriter of Syndicate 990 and director of XL Syndicate Management Limited. At Novae he had responsibility for the group’s underwriting business and was appointed to the board in January 2004.

Board level responsibility for underwriting has been assumed by Jeremy Adams, Novae's risk director and CEO of its Lloyd’s managing agency business, pending a reorganisation of the group’s underwriting activity in which the management posts will be filled by internal promotions.

Novae chief executive Matthew Fosh said:" Peter’s contribution has been fundamental in restoring the fortunes of the group. Under his bold and decisive leadership Novae’s underwriting has been painstakingly rebuilt, remodelled and revitalised. He has helped the group regain its confidence and competence. We wish Peter well for the future."