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by : Alpha Insurance Analysts

Novae Group plc released its interim management statement for the year to date on 16th May. This replaces the syndicate forecasts historically provided quarterly in respect of the Group’s Lloyd’s business.

Group highlights

Group gross written premium during the first quarter:
£88.5 million (Q1 2007: £89.1 million)

Syndicate forecasts for the Group’s Lloyd’s underwriting years remain unchanged

NICL continues to develop and build momentum

Average rate reduction of 6% on business renewed in Q1 2008

Investment return during the first quarter: £12.7 million, equivalent to a return of 1.31% for the three month period ended 31 March 2008 (Q1 2007: £9.5 million and 1.19% respectively)

Please click on the attached file below to view the full statement