Novae suffers £6m loss before tax in "torrid year" for general insurance
Specialist insurer Novae has reported an underlying loss before tax of £6m for the year to 31 December 2011 in a "torrid year for the non-life insurance industry" compared to £36.2m profit in 2010.
However, gross written premium jumped by 6% to £624m from £587m in 2010. Around 37% of the GWP was from the reinsurance segment. This is up from 28% in 2010 and 19% in 2009.
The combined ratio
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