Novae reported gross written premium (GWP) of £282.8m in the first quarter of 2016, up 9.8% on the £257.6m it reported in last year’s first quarter.

The Lloyd’s insurer enjoyed growth across all three of its business segments. The casualty unit reported the strongest growth, where GWP increased by 11.1% to £60.7m (Q1 2015: £54.7m).

Novae said the premium growth was achieved by capitalising on opportunities in business lines where rates remain adequate.

But the company said that rates on renewal business remained under pressure. Energy rates fell by 10%, while property reinsurance prices dropped by 8%.

Property insurance rates experienced “low single digit” declines, Novae said. It added that casualty rates fell by 1% across the portfolio.

Novae chief executive Matthew Fosh (pictured) said: “Novae has made a promising start to the year.

“We continue to identify opportunities for further profitable growth without compromising underwriting discipline.

“The improvements we have made to the business in recent years leave us well positioned to deal with challenging markets and we remain positive about the prospects for the group.”