LONDON (Alliance News) - Novae Group PLC, the specialist Lloyd's of London insurer, on Wednesday said first-quarter premiums rose by almost 10%, declaring it a "promising start" to the year.
Gross written premium rose to GBP282.8 million in the three months ended March 31, up from GBP257.6 million the corresponding quarter a year earlier, an increase of 9.8% and 6.1% at constant exchange rates.
Its attritional loss ratio remained stable, though premium rates on renewal business remain under pressure.
Novae reported an investment return for three months of 1.2%, up from 0.3% a year earlier. Returns benefited from a strong performance in the insurer's fixed-income investments, with asset allocation remaining in line with target.
"We continue to identify opportunities for further profitable growth without compromising underwriting discipline. The improvements we have made to the business in recent years leave us well positioned to deal with challenging markets and we remain positive about the prospects for the group," Chief Executive Matthew Fosh said in a statement.
Shares in Novae were down 0.5% at 811.45 pence Wednesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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