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Novae reports falling premium rates.

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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