Novae is a company operating as underwriters at Lloyds of London as syndicate number 2007 and as such enjoys a number of positive Lloyds credit ratings (A M Best, Fitch and Standard and Poor, for example).
The company maintains a very wide range of underwriting classes, grouped principally under the broad headings of:
- casualty; and
- maritime, aviation and political risk.
Its principal area of business is reinsurance – essentially insurance products for insurers.
The Novae Group was established under the name of Spreckley Villers Hunt and Co. Ltd in 1986, when it operated as a managing agency at Lloyds. In 1997, it changed its name to SVB Syndicates Limited and once again in 2006, when it acquired its current name as the Novae Group.
The Group currently employs some 280 individuals in offices it maintains not only in London, but also in Zurich and in Bermuda.
The Group continues to trade both as a managing agency at Lloyds and also as a UK insurance company authorised and regulated by the Financial Conduct Authority.
Although a relatively new syndicate as far as names at Lloyds go, Novae’s UK and European Property team won the underwriting team of the year award in 2014 at the 13th annual Insurance Day awards.
Novae claims that its business strategy is aimed at maintaining excellence in its underwriting talent, consistent performance and a capital management programme that supports its principal underwriting business.
In common with most Lloyds’ syndicates, Novae relies on underwriting business and opportunities referred to it by its network of brokers.
Underwriting the risks faced by owners of residential let property and commercial property is a specialist activity which recognises the essential business motivation of those investing in property to let – as opposed to owner occupied property, for example.
Although protection of the physical structure and fabric of the premises remains important, therefore, landlord insurance is equally concerned with the avoidance of business disruption and indemnity against the special risks faced by owners of let property.
Novae landlord insurance
Novae claims to be a leader in the underwriting of household and commercial property risks, with particular specialisation in such non-standard insurance niches as unoccupied property insurance (including cover for let property in the process of refurbishment or renovation) and for a wide range of let properties.
Trading extends to the initial underwriting of risk and to the business of reinsurance.
As already mentioned, Novae mainly underwrites business referred to it by its brokers and much of its insurance business is likely to involve relatively high end, higher value property portfolios. Although the principal focus of its business is property located in the UK, it also takes on underwriting the risks of property in other parts of Europe.