Novae Plc has put together a team of specialist property underwriters to handle its new venture into the UK property market. Mike Platt and his team of Darrian Kempster, Barrie Roper and Tim Simpson-Lee have joined the company from Wellington. Last year Wellington agreed to a buy-out offer from fellow Lloyd’s insurer Catlin (See IJ web site Oct. 30, 2006), which has since been finalized.
Novae said the move follows its “entry in the past year into emerging markets, standalone terrorism, energy, international GL as well the launch of its FSA-regulated company – Novae Insurance.”
Novae noted that Platt has “four decades’ experience in property insurance and believes the Lloyd’s market will strengthen significantly from its current state.” He predicted that “the companies market is currently writing business far below the correct rate and as a result, players in that market will begin to see big losses and will pull out, improving conditions for the Lloyd’s market.”
Platt is widely known for establishing the Lloyd’s UK commercial and household property account during the six years he was at Wellington. He also recruited the team that went on to become a market leader and introduced liability cover to their offering to give brokers a combined package.
Topics New Markets Property Lloyd's
Was this article valuable?
Here are more articles you may enjoy.
AIG Files Amended Suit Against Former Execs, Dellwood Insurance 
Homebuilders Cut on ‘Sluggish’ Housing Market, Florida Woes 
Insurers Hike Rates as Extreme Storms Like Beryl Proliferate 
Damage From Hurricane Beryl May Cost Insurers $2.7B in US, $510M in Caribbean: KCC 
