Price drops to 355p on LSE yesterday
Shares in Lloyd’s re/insurer Novae fell 4% yesterday following the resignation of the company’s Zurich reinsurance platform chief executive Gunther Saacke and chief underwriting officer Willi Schuerch.
Novae CEO Matthew Fosh made an internal announcement to staff, adding: “Jeremy Adams [chief executive of Novae Syndicates Ltd] will spend the majority of his time in Zurich to maintain strategy and to ensure ever closer collaboration and communication between the strong underwriting teams in London and Zurich.”
Novae’s shares dropped to 355p from 370p on the London Stock Exchange yesterday.
In 2011 Novae Re made £233.4m in gross written premium, up from £167.7m, writing at Lloyd’s through Syndicate 2007.
The company has been the subject of takeover interest in recent months.
Saacke and Schuerch are believed to be on gardening leave.
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