Novae Group plc capital redeployment – implications for Novae Insurance Company Limited (NICL)
Novae Group plc recently made an announcement to the Stock Exchange, detailing the proposed redeployment of its capital, subject to regulatory approval.
Background
The announcement explains the reasons for this positive development, which is designed to deploy capital more effectively within the Novae Group.
Renewals of insurance policies normally underwritten by Novae Insurance Company Limited (NICL) will be underwritten, with effect from 1 January 2010, by the Novae Group’s syndicate at Lloyd’s as they fall due. New business which NICL would underwrite will also be underwritten by the Lloyd’s syndicate. During the course of 2010, the Novae Group expects, subject to Court and regulatory approval, to transfer to its Lloyd’s syndicate all NICL’s existing insurance liabilities.
When it is completed, this process will enable the Novae Group to make more effective use of capital which is presently surplus within NICL.
Business as usual
When you place or renew business with Novae, everything will stay the same. The underwriting and claims service you receive and the individuals with whom you deal will not change.
All NICL insurance policies will continue to be dealt with to the same high service standards.
Find out more
Please refer to our announcement for more detail.