Dec 8 Lloyd's of London insurer Novae Group Plc
said larger individual risk and catastrophe losses in
the year would lead to full-year underwriting contribution being
lower than it expected.
Novae, which covers property, casualty, marine, aviation and
political risk, said its full-year combined ratio was expected
to be between 98 percent and 100 percent. A ratio below 100
percent means an insurer earns more in premiums than it pays out
The insurer said, however, that a "significant" bond market
sell-off after the U.S presidential elections had impacted the
value of its fixed-income portfolio.
Novae also said a change in its accounting policies for
deferred acquisition costs would result in a non-cash full-year
writedown of about 17 million pounds ($21.49 million) and an
increased charge of about 5 million pounds.
($1 = 0.7912 pounds)
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by