Rob Preston has left Aon to join Novae as a dedicated terrorism underwriter, reflecting the listed group's diversification into standalone terrorism cover.
Novae's group chief underwriting officer Peter Matson commented: “All this expansion demonstrates how fortunes are flourishing at Novae. We're known for the quality of our underwriting — that's why we attract talent and get the results that we do.”
Preston said that he intends to build a book of risks with a broad geographic spread, consistent with Novae's philosophy of building solid, long-term profitability.
He added: “I believe strongly that a catastrophic book should have diversity to reflect the loss ratio of the class — which is very good.
“There is an increased perception among insurance buyers of threat around the world, but there is also an increased sophistication and understanding of what this means from a practical point of view. As a result, purchasing decisions which were previously pretty coarse, have now become much more refined.”
