Reinsurance unit to open to make most of capital

Novae is beefing up its personal accident business by poaching a second senior figure from Equity Red Star.

Chris Hill, an experienced personal accident underwriter, is set to join Novae on 16 November. He will join the team led by former Equity underwriter Stuart Heath.

Heath worked at Equity for 23 years, before leaving last month, taking with him a team of four underwriters and one assistant.

Heath has wide experience in household, commercial, personal accident and caravan risks in the UK and European market. He also held a seat on the Lloyd’s LMA panel.

Novae recently announced it has established a new, dedicated reinsurance business unit – Novae Re – to take advantage of improving conditions in the reinsurance market and to optimise deployment of the group’s capital.