Lloyd's managing agent Novae Syndicates is close to moving on from its troubled past with a promising 2006 financial performance.
Insurance analysts are optimistic that Novae will become a "lower risk company with a higher rating" in 2007 after it reduced the group's legacy business further.
Novae utilised just £5m of a £104m special provision - to cover multi-million pound losses from discontinued business in the final quarter of 2006. This compares to £21m in the same period of 2005, and £24m in 2004.
As a result of the smaller reserve deterioration of discontinued business lines, including liability reinsurance, healthcare and third party liability analysts are optimstic.
Meanwhile, Novae Synd-icates reported a 10.1% of capacity profit for 2004. This has led analysts to raise profit before tax forecasts for 2006 by £3m to £31.9m.
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.
