Insurer appoints Wellington team
Novae has entered the UK property market with the appointment of a former Wellington underwriting team.
Mike Platt and his team of Darrian Kempster, Barrie Roper and Tim Simpson-Lee have joined the company from Wellington.
The move follows Novae's entry in the past year into emerging markets, standalone terrorism and energy sectors as well the launch of its FSA-regulated company, Novae Insurance.
Platt says the opportunity to combine his experience with Novae's acknowledged position as a leading liability and specialist insurer was too good a chance to miss. He says: "We've had interest from brokers already and all the vibes are very good."
The senior underwriter has four decades' experience in property insurance and believes the Lloyd's market will strengthen significantly from its current state.
He said:: "The companies market is currently writing business far below the correct rate and as a result, players in that market will begin to see big losses and will pull out, improving conditions for the Lloyd's market. The potential for growth when the market does change is enormous. And when it turns again we will have a good broker base and a range of products to capitalise on."
Platt is widely known for establishing the Lloyd's UK commercial and household property account during the six years he was at Wellington. He also recruited the team that went on to become a market leader and introduced liability cover to their offering to give brokers a combined package.