Actions hoped to raise post-tax returns by 3%
Novae will fold Novae Insurance (NICL) into its Lloyd’s syndicates business to free up £60m of spare capital. NICL’s in-force policies, subject to regulatory and court approval, will be transferred either to the group’s Lloyd’s business or run off. The transfer is expected to be substantially completed next year. Novae said these steps would potentially improve post-tax returns by up to 3%.
It has set an objective for a post-tax cross-cycle return on equity of 13%-15%. It also said its “Willingness To Lose” plan to reduce reinsurance bought would improve post-tax returns by 2%, and structural and organisational savings would add about 1% to post-tax returns by 2011.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
