Novae makes £14m loss before tax in H1

Novae has seen its profits slip markedly in its first set of results following the proposed acquisition of the business by Axis.

The company saw its combined operating ratio deteriorate 5.9% over the past year, from 95.7% in H1 2016 to 101.6% in H1 this year.

This is despite gross written premiums growing by 16.7% to £598.8m

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