Novae is a diversified property and casualty (re)insurance business operating through Syndicate 2007 at Lloyd’s.
Novae delivers expert underwriting, consistent performance and dynamic capital management across the Group.
The Group is headquartered in London and has been listed on the London Stock Exchange since 1998. Novae writes both insurance and reinsurance in the property, casualty and marine, aviation and political risk markets. The Group employs approximately 300 people between its offices in London and Bermuda.
As part of the Lloyd’s market, Syndicate 2007 enjoys the overall A (A.M. Best), AA- (Fitch) and A+ (Standard & Poor’s) Lloyd’s ratings.
The Novae Group (formerly The SVB Group) was established in 1986 with the formation of Spreckley Villers Hunt and Co. Limited, a privately owned Lloyd’s Managing Agency. By 1997 the company’s name had changed to SVB Syndicates Limited.
By way of a merger in July 1998 with Syndicate Capital Trust PLC, an investment trust providing capacity to a portfolio of Lloyd’s syndicates, and with CLM Insurance Fund PLC in 1999, SVB was able to raise capital and to acquire a full listing on the London Stock Exchange.
The Group’s underwriting strategy was re-focused with the arrival of a new management team in 2003. It began to rebalance short-tail and long-tail underwriting, fresh capital was raised, and by 2006 the company had restructured and established Novae Group plc as its new holding company.
Between 2006 and 2010 the company operated two separate underwriting platforms, Novae Syndicates Limited, a Lloyd’s managing company, and Novae Insurance Company Limited, a UK insurance company authorised by the FSA. These two businesses were combined in 2010, creating the single Lloyd’s business that exists today.