Novae profit declines

Lloyd's of London building

Pre-tax profits for 2009 at the (re)insurance group fell £9.6m due to first half losses but gross written premiums rose 10%

The Novae Group has posted a 35% fall in adjusted pre-tax profit, hurt by aviation reinsurance and credit losses in the first half.

The group said it returned to profit in the second half, helped by

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ABI insists fire safety scheme is temporary

Mervyn Skeet, the Association of British Insurers’ director of general insurance, has outlined how the trade body will ensure the Fire Safety Reinsurance Scheme will only last three to five years, and how it will should end criticism of brokers earning commission for arranging cover.

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