Company Profile For Novae Holdings Plc

Novae Group Plc is a United Kingdom-based holding company, which carries on insurance business and associated financial activities. The Company’s operating segments include Specialty, Property, Liability, Aviation & Marine, and Discontinued Units. Business included within the Specialty segment relates to financial institutions, professional indemnity, fine art and specie, special situations, bloodstock and credit, and political risk and terrorism. The Property segment consists of both direct and reinsurance business transacted in the United States and internationally (including the United Kingdom). The Liability segment comprises the United Kingdom general liability account, both public and employers’ liability risks, international general liability, marine liability business and the new motor fleet account. The Aviation & Marine segment includes the marine energy, specialist hull, cargo and marine war accounts. On January 5, 2009, the Company acquired Mayheld Limited.

BRIEF: For the six months ended 30 June 2009, Novae Group Plc's revenues increased 7% to £145.4M. Net loss totaled £10.5M vs. an income of £15.4M. Revenues reflect an increase in net premium revenue and higher fees & commission income. Net loss reflects an increase in gross claims incurred, a rise in policy acquisition costs, higher operating costs, the presence of operating loss vs. an income and a significant increase in currency losses.