With Saxon East, news editor
Investors are eyeing Novae’s shares after it posted a third-quarter profit.
The first half of the year had been disappointing for the insurer, with a pre-tax loss of £2.1m.
But the company said that third-quarter profits were good and its aviation reinsurance business would benefit from rate increases in 2010.
The news helped Novae’s shares climb from 300p to 310p.
“If the steady improvements enjoyed during the third quarter are maintained for the remainder of the year, we can counter the disappointments of the first half,” chief executive Matthew Fosh said.
Amlin also enjoyed the benefit of strong results, as its share price climbed from 366 to 385p.
Elsewhere, it was a fairly quiet week for insurers, with Admiral, RSA and Aviva’s prices stabilising, ending a run of share growth.
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