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Novae reports falling premium rates.
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Investors Chronicle - magazine and web content
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August 12, 2008
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Copyright informationCOPYRIGHT 2008 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: John Adams
TIP UPDATE: Novae reported falling premium rates across its business lines, but still managed to deliver a solidly profitable 86.7 per cent combined ratio
Novae - formerly SVB - kept its combined ratio (of claims to premiums) roughly flat during the period at a solidly profitably 86.7 per cent even though premium rate reductions averaged 8 per cent. The group says that it's planning for a stable to modestly falling rating environment in 2009.
Premium rates in Novae's largest class, specialty, tumbled 10 per cent, while property rates dropped 5 per cent, aviation & marine rates fell 8 per cent, and liability rates reduced 6 per cent. However, ...
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