Specialist liability underwriter Novae Underwriting is targeting £100m in premium income for 2005.

This would represent more than a three-fold increase on the 2004 target of £25m-£30m. Novae, a subsidiary of Lloyd's managing agent SVB, began trading in April this year. The company writes professional indemnity, directors' and officers' liability, medical malpractice, general liability and legal expenses business.

Last month, Novae recruited a team of liability underwriters, formerly with Royal & SunAlliance's ProFin division.

The three-strong team included Stuart Quinlan, who was appointed to the newly-created post of underwriting development director. Meanwhile, Dominick Rodgers and Gail Cook were appointed to develop Novae's business in the Scotland and Southern regions respectively.

Earlier this year, Novae recruited two former PRI general liability underwriters, Nick Ventham and Michael White.