July 2017 PROPERTY. Divisional Brochure PROPERTY 1

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1 July 2017 PROPERTY Divisional Brochure PROPERTY 1

2 Novae is a diversified property and casualty (re) insurance business operating through Syndicate 2007 at Lloyd s. The Group is based in London and has been listed on the London Stock Exchange since The development and diversification of Novae s underwriting portfolio, combined with a prudent approach to reserving and disciplined expense management is integral to achieving market leading performance across the Group. 2 PROPERTY PROPERTY 3

3 Our strategic aim is to be a leading underwriter of specialist classes of insurance, where the knowledge and experience of our underwriters, combined with flexibility and innovation, deliver us a competitive advantage. Current market conditions require insurers to adapt and innovate, and this is precisely what we have been doing in recent years in the way we have changed and repositioned our business. Matthew Fosh, CEO Novae Group plc 4 PROPERTY PROPERTY 5

4 SPECIALTY INSURANCE SOLUTIONS FROM EXPERT UNDERWRITERS OUR APPROACH IN ACTION Expert underwriting is fundamental to Novae s position as a leading innovative specialty insurer. By cultivating, developing and maintaining knowledge and capabilities in speciality classes of business, the Group is able to deliver excellence in products and service. In response to changing market conditions, we are increasingly focusing on areas of business where we can exhibit a demonstrable competitive advantage and reducing exposure in more generalist areas where we do not offer any great differentiation. Underwriting units are organised into two operating divisions: Property and Marine, Aviation, Political Risk & Specialty (MAPS). This approach improves visibility around performance, assists in the development of new sub-classes, facilitates more efficient reinsurance buying and supports organic growth. From 2017 the Property division includes the Medical Malpractice and UK General Liability units, thereby neatly integrating the Group s large UK presence under one division. This facilitates an effective consolidation of broker relationships and the provision of combined products under one policy. Central to achieving our strategic objectives is the recruitment and retention of high quality underwriters who have track records of delivery across the market cycle and deep-rooted relationships with brokers and insureds. We invest heavily in underwriting talent, both external hires and home grown talent. Strengthening Underwriting Expertise We have made significant hires across the business, including Caroline Koczerzat as deputy divisional head of MAPS, Helen Steadman as unit head of Cargo & Specie, Tim Woodhouse as team leader of Political Violence and Jo Chadha, Michael Shen, Sharif Gardner, Stuart Quick in Cyber. Maximising Lloyd s Market Opportunities Our Construction unit, which was established in 2016 by Steve Cross, forms part of the Lloyd s Construction Consortium. The Consortium is a collaboration of six of the market s major construction insurers and offers a combined PML capacity of up to 320m, thereby providing a viable alternative to the established construction markets. Award-Winning Product Innovation In 2016 we established Special Purpose Arrangement 6129 ( SPA 6129 ) with Securis, which leverages our agility and underwriting expertise within the Excess & Surplus Lines market in the US. SPA 6129 enables us to broaden the scope of business we write, and was named Innovation of the Year at the London Market Reactions Magazine Awards. 6 PROPERTY PROPERTY 7

5 PROPERTY DIVISION CLAIMS COMMITMENT Stuart Heath Property Divisional Head Tel: +44 (0) Novae is committed to providing a high quality claims service to all its customers, recognising and understanding their diverse needs across a broad range of underwriting classes. It aims to respond to all claims promptly and fairly. Novae s experienced adjusters operate in specialist teams to ensure the right person is handling customers claims. These teams adopt a proactive approach to case management, supported where appropriate by third party technical and legal experts to ensure the timely, effective resolution of claims. The Group s flat management structure allows adjusters to rapidly escalate issues to senior decision makers, thereby further accelerating the claims handling process. Novae seeks to establish long-term relationships with all stakeholders, and is accordingly committed to maintaining the highest standards of professionalism and integrity and to communicating with brokers and insureds with clarity and transparency. Novae s Property division writes a diverse mix of risks across the globe, with a weighting towards the USA and UK. The units noted in the Property division accounted for 50.9% ( million) of Novae Group s gross written premium in Over the past twelve months we have invested in several high-performance hires to open up new product lines and to build on the strength of existing units. We are developing a complementary mix of business, including both organically grown and newly established classes; our recently formed mono-line US property insurance Special Purpose Syndicate, launched in conjunction with Securis, won industry recognition as Innovation of the Year at the 2016 Reactions London Market Awards. The objective for the division is to build on our award winning expertise in UK non-standard residential property and to continue to be market leading across the portfolio, writing scalable business and delivering expert capability with passion. In each division, Novae operates a Programmes Unit to provide innovative solutions for Facilites, which fall outside of individual classes of business. Mark Batterbury Group Claims Director Tel: +44 (0) mbatterbury@novae.com 8 PROPERTY PROPERTY 9

6 UK & EUROPEAN FACILITIES USA FACILITIES John Stonehill Tel: +44 (0) Scott McEwen Deputy Tel: +44 (0) James Harper Household Class Underwriter Tel: +44 (0) Novae is a recognised leader of household and commercial property risks, both in the UK and across Europe, with a speciality in the non-standard market. For residential property the risks would include unoccupied properties, holiday homes and let properties, for which the Syndicate has model wordings. For commercial property the risks would include SME, leisure, manufacturing and property owners. The UK & European Facilities unit has developed a number of niche specialisms within the non-standard residential property market, including asylum seeker let, homes of multi-occupancy, short and long term unoccupied properties and buildings undergoing works. For residential property the Unit will typically target sums insured up to 750,000 although able to extend to 1.5m any one property. For commercial property the Unit target sums insured within the SME range up to 2m. Toby Gorman Tel: +44 (0) tgorman@novae.com Paul Kilbane Deputy Tel: +44 (0) pkilbane@novae.com The USA Facilities unit is a highly experienced and innovative provider of binding authority solutions, and an established leader of delegated authority business encompassing catastrophe and non-catastrophe risks across North America. The account includes wind, hail, tornado, earthquake, flood, excess flood, all risks and mortgage impairment. Target sectors include homeowners, dwellings, commercial and forced placed business. In 2016 the unit launched Special Purpose Arrangement 6129 in collaboration with Securis. Syndicate 6129 is a mono-lined SPA focused on North American property, with stamp capacity of $100 million Novae has attained its marketleading position through sustained investment and research. With a commitment to underwriting excellence, the UK & European Facilities unit is well placed to respond to the changing needs of a fast moving market. The team has built a reputation in the market for innovation in product creation and designing binding authority solutions to meet customer needs. It has an ambitious and clearly defined growth plan and is constantly looking to develop new partnerships. The team has huge collective experience and expertise across a broad range of property risks, and won Underwriting Team of the Year at the Insurance Day London Market Awards in It is led by John Stonehill, working closely with Property Divisional Head Stuart Heath, and under their direction the book has tripled in size in 5 years. The majority of the risks undertaken by the unit are sited in the UK and Ireland, although the footprint also extends to Western Europe. In the case of non-uk risks, the team works closely with Novae s International Facilities unit to decide on the most appropriate placement arrangement The team operates through relationships and innovation. Client partnerships have been developed over many years and the unit is known for its speed of service and agile, inventive solutions; a reputation endorsed when SPA 6129 won Innovation of the Year at the Reactions London Market Awards Established over 35 years ago, the USA Facilities unit is a wellrespected presence in the market and a designated growth class within Novae. The team has over 100 years combined experience and a proven track record. It is led by Toby Gorman, who has been underwriting in the Lloyd s market for over 35 years and joined Novae in The USA Facilities unit writes business in the USA and Canada. While the account is focused on wind, earthquake and floodexposed areas, the team has experience and knowledge that extends beyond the coast line and can insure risks from all areas of North America PROPERTY PROPERTY 11

7 INTERNATIONAL FACILITIES USA DIRECT & FACULTATIVE William Alderton Tel: +44 (0) Ellie Jowers Assistant Underwriter Tel: +44 (0) Novae s International Facilities unit is an established market lead for delegated authority business. It specialises in commercial property, commercial equipment, household, small unit motor and miscellaneous short tail classes such as contingency and prize indemnity. The account includes all risks of physical damage, including damage from natural disasters such as fire and perils, wind, hail and flood, and earthquakes. The unit has a normal maximum line size of 2 million any one risk. Nik Lucking Tel: nlucking@novae.com Nick Garside Deputy Tel: ngarside@novae.com Keerome Maybury Senior Assistant Underwriter Tel: kmaybury@novae.com Novae s USA Direct & Facultative unit focuses on individual risk businesses situated in North America. Core business is written on an excess of loss basis and varies from single location, stand-alone catastrophe to multi-state, multi-region, multiple location schedules. A balanced portfolio of catastrophe and non-catastrophe business includes a wide range of occupancies, from heavy industrial and energy accounts to soft occupancy real estate, hospital and leisure facilities. The account also includes terrorism, as an embedded product within the All Risks policy. Deployment of capacity is split between critical catastrophe and noncatastrophe participations; the critical catastrophe share (maximum line $5 million) is deployed on first excess buffer layers and the remaining $45 million non-catastrophe line is deployed excess of all critical catastrophe sub-limits The International Facilities team builds long-term relationships with coverholders who have local knowledge and specialist expertise in their target markets. It works closely with other units within Novae, including Political Violence, Construction and Cyber, and receives strong support from an efficient and commerciallyfocused DUA team. Novae has a strong reputation among international binders, and established a specialist International Facilities unit in William Alderton is a recognised market lead with over 25 years experience dealing in territories around the world. The unit writes business across a diverse range of territories, including South Africa, Australia, New Zealand and the Caribbean. In Europe the International Facilities team works alongside Novae s UK & European Facilities unit to reach optimum solutions for clients and brokers. The unit takes a strong risk selection approach, based upon in-depth risk analysis using a number of different underwriting tools. It targets likeminded clients who appreciate a consistent approach both in terms of pricing and deployment of capacity and prides itself on helping clients find solutions to problems through product innovation. Novae added USA D&F to its Property offering in The team has over 45 years collective experience in the market and is led by Nik Lucking, who brings over 25 years of broking and underwriting experience across the London, International and US markets. The unit is based in Bermuda, writing business in the USA and Canada, and is the sole platform for this class of business in Novae. Operating as Novae Bermuda Underwriting Limited (risk carrier Syndicate 2007 at Lloyd s) the unit can deploy capacity on an excess and surplus lines basis allowing the team to adopt a highly flexible approach to deploying capacity PROPERTY PROPERTY 13

8 BLOODSTOCK ACCIDENT & HEALTH David Higgins Tel: +44 (0) Tara Woodward Underwriter Tel: +44 (0) Novae s Bloodstock unit underwrites a broad spread of international bloodstock and equestrian risks, produced by specialist brokers worldwide. The team has the expertise to offer bespoke policies for (but not limited to) thoroughbred risks such as racehorses, stallions at stud, broodmares and yearlings, as well as high value showjumpers, dressage and eventing horses. It offers bespoke policies for equine mortality and infertility, stallion loss of income and prospective foal and life-saving surgery costs. In addition a limited Livestock account is written. The unit s means of distribution is split 50:50 between open market business, largely on a follow basis and lead prior submit lineslips and binding authorities of which the latter are mostly on a follow basis. The team is looking to increase open market participation through new opportunities and a greater average line size. Guy Bonwick Tel: +44 (0) gbonwick@novae.com Chris Hill Senior Class Underwriter Tel: +44 (0) chill@novae.com Victoria Rodrigues da Costa Class Underwriter Tel: +44 (0) vrdacosta@novae.com Novae has a wealth of experience writing accident and health business on both a direct and facultative reinsurance basis as well as under binding authorities. Coverage is offered on a group or individual basis. A wide variety of exposures are underwritten, ranging from low hazard to higher risk occupations. Cover may be offered on a bespoke basis to provide for a particular occupation, trade, affinity group or sporting association and can be designed to reflect the specific requirements of contractual benefits or to reflect cover that an employer has agreed to provide to their employees in an industry-specific union agreement. Recent recruitment has strengthened the unit s expertise in the professional and amateur sports markets in the USA, UK and Europe, with business written under binding authorities or on open market placement The bloodstock and equestrian industries are constantly evolving, and the unit seeks to understand this evolution and provide relevant and effective insurance solutions for brokers, owners and breeders. It focuses on supporting major stud farms where the duty of care is at the highest level, and insures Sports and Race horses where the same level of husbandry and management is maintained. Novae has been writing Bloodstock business since 2008 and has become an established figure in the industry, thanks in part to its sponsorship of a number of jockeys, stables and races. The unit has been led by David Higgins since The unit s business is sourced through specialist bloodstock brokers either direct or via their trusted agents. It considers risks from around the world; at present the geographical split of the account is approximately 40% USA, 40% UK & Europe and 20% ROW The unit pursues an innovative and flexible approach, maintaining an ongoing dialogue and engagement with brokers to ensure that the coverage offered complements the specific demands of the occupation or activity in which an insured person is engaged. Novae has written accident and health business since The team has a wealth of experience in different areas of A&H and boasts combined experience of over 75 years. The team considers risks from any country in which Lloyd s is licensed to write business. The book derives principally from the UK, North America, Europe and Australia, but also includes business from the Middle East, Eastern Europe and South America PROPERTY PROPERTY 15

9 USA REINSURANCE INTERNATIONAL REINSURANCE Jonathan Gray Tel: +44 (0) Vicky Baxter Deputy Tel: +44 (0) Lucy Forcey Class Underwriter Tel: +44 (0) With a particular expertise in providing catastrophe XOL cover, Novae s USA Reinsurance team has developed a network of strong relationships with clients and brokers. The unit offers aggregate, stop loss and other products addressing sideways loss exposure, as well as writing some selective Risk XOL. Its risk business is focused on non-critical cat covers in the US, and on developed economies throughout the rest of the world. The unit also offers multi-year contracts. The book is well balanced, with clients ranging from small single-state mutuals through to some of the world s largest insurance companies. Philippe Chevereau Tel: pchevereau@novae.com Aaron Garcia Underwriter Tel: agarcia@novae.com Novae s International Reinsurance unit develops a growing and balanced portfolio of catastrophe treaty business with an emphasis on consistency, service, contribution to the price-finding process and detailed understanding of the exposure reinsured. The unit supports catastrophe placement on a proportional, excess of loss and aggregate basis, with a regional or multi-territorial scope. The portfolio includes regional retrocessional covers for selected clients. Capacity deployed varies materially from one programme to another and reflects the balance of the portfolio, the quality of exposure information shared, the history of the relationship and the size of the placement The USA Reinsurance unit seeks to understand the particular reinsurance needs of its clients, thereby creating solutions that are effective and remain relevant in an ever-changing market. Recognising that insurance is fundamentally a people business, the team invests time and resource into building relationships and maintaining excellent service delivery. It strives to respond to requests quickly, provide constructive feedback, and pay claims in a timely and efficient manner. The USA Reinsurance account has been built up over 30 years to a client base of more than 250 US companies, many of whom have a long-standing relationship with Novae. Led by Jonathan Gray, the unit s experience of real catastrophes gives it a level of insight and empathy which sets it apart from its peers. The catastrophe business written by the USA Reinsurance unit focuses primarily on the USA and Canada, while risk business is written around the world. The team endeavours to be consistent over the cycle and provides long-term support to clients through good service and outstanding claims handling. Novae aims to partner with clients sharing their understanding of their risk on a modelled and nonmodelled basis and who seek a diversified and first-class panel. As required, Novae contributes to the price-finding process. Novae has been writing International Reinsurance business since the 1990s, and since 2015 international property treaties have been written out of Novae s Bermuda office. The team is led by Philippe Chevereau, who joined Novae in The International Reinsurance unit writes business globally, supported by the professional command of four major languages. The risk carrier of all lines issued by Novae Bermuda Underwriting Limited is Syndicate 2007 Novae at Lloyd s PROPERTY PROPERTY 17

10 CONSTRUCTION UK GENERAL LIABILITY Steve Cross Tel: +44 (0) Ian Smith Class Underwriter Tel: +44 (0) Novae s Construction unit underwrites a broad range of construction project risks around the world, with an emphasis on infrastructure development and power construction. The account can cover all-risk property damage, third party liability and delay in start-up. Novae offers up to $50 million PML capacity, and as part of the Construction Consortium at Lloyd s can offer in excess of $300 million PML capacity. Nick Ventham Tel: +44 (0) nventham@novae.com Mike White Deputy Tel: +44 (0) mwhite@novae.com Novae s UK General Liability unit offers a market leading service for standard, niche and specialist businesses in the United Kingdom. It provides specialist underwriting solutions for UK-domiciled risks for both primary and excess of loss employers, public and products liability. Policies can be tailored to suit specific industry sectors and can be written in conjunction with other Novae classes of business if required. The account includes clerical, professional, contracting and manufacturing trades as part of a diverse portfolio of risks The Construction unit specialises in offering the market something different; an alternative to conventional policy solutions. Working closely with brokers it endeavours to identify the needs of the insured, which in construction are often highly complex with many interdependent stakeholders influencing the risk profile, and tailor a focused solution. The team is innovative in its approach, following the principle that there is always an insurance solution to be found. Novae began writing construction business in 2016, having assembled a team with over 40 years underwriting experience and over 20 years industry experience. It is led by Steve Cross, who has a civil engineering background and experience in construction insurance gained at Zurich and Hardy. The unit considers risks from any country in which Lloyd s is licensed to write insurance or reinsurance, working with a wide range of Lloyd s brokers on both retail and wholesale placements. The unit will consider regionally based facilities with established coverholders The unit targets specialist and niche clients, tailoring policies to meet the specific requirements of a genuinely broad range of businesses. It leads most of its business and has built a reputation for swift service and efficient claims handling. Novae has been writing general liability business since 1998 and has a proven track record in the market. The team, led by Nick Ventham, has been together since 2004 and boasts an enviable breadth and depth of knowledge and expertise. The unit focuses on businesses with headquarters domiciled in the United Kingdom and can cover exports and work worldwide PROPERTY PROPERTY 19

11 MEDICAL MALPRACTICE CYBER Bill Edrich Deputy Active Underwriter Tel: +44 (0) Carly Matson Deputy Tel: +44 (0) Louise Bett Deputy Tel: +44 (0) Novae underwrites a diverse primary and excess of loss medical professional negligence account which incorporates miscellaneous and medical errors and omissions, charity trustees indemnity and clinical trial no fault insurance coverage options; including combined general liability for specific industry sectors. With extensive experience in a broad range of care-related, professional and medical exposures, the account encompasses risks ranging from complementary therapy, through to specialist clinics and private mental health or invasive surgical hospitals. The team also welcomes other miscellaneous and professional negligence-related business including scientific, educational, staffing, training, charitable, local authority and clinical research exposures. Dan Trueman Chief Innovation Officer Tel: +44 (0) dtrueman@novae.com Novae s market-leading approach to the fast-growing area of cyber insurance is founded on a commitment to product innovation, market education and meeting the changing needs of a diverse range of clients. A recognised thought leader, the Cyber unit collaborates with leading organisations across all sectors from leading technology firms to world class academic institutions to validate models and assumptions. As well as offering a best in class product, Novae Cyber Connect, which caters for the changing needs and demands of clients, the unit runs regular Understanding Cybersecurity & Insurance courses for clients and brokers. All of the broad sub-classes of cyber and privacy insurance are covered for both first and third party risks. Both primary and excess business is underwritten through facultative placing, facilities or binding authority business Novae works closely with its producing brokers to understand clients ever-changing needs and build long-term relationships - providing expertise, flexible underwriting, efficient policy documentation production and specialist claims handling. The cover can be tailored to suit individual insureds requirements and written either in the open market, via facilities or binding authorities or on a facultative reinsurance basis. Novae s Medical Malpractice team has over 100 years combined experience, with a proven track record in the market. The team is led by Bill Edrich, who has been underwriting in the Lloyd s Market for in excess of 30 years. Bill joined Novae in 2004 and is also the Deputy Active Underwriter for the Syndicate. The unit principally underwrites risks located within the UK, Republic of Ireland, Canada and Australasia. Other international risks are welcomed, especially on an excess of loss basis. The Cyber unit operates a partnership model, working with clients to understand the particular risks they face and mitigate them where possible. Its approach is based on three key principles: analysis, risk transfer, and response. The team seeks to develop and share a detailed understanding of the risk landscape, to create tailored policies, and to offer immediate support in the aftermath of a cyber event. Novae established its Cyber unit in 2014, since then it has grown rapidly. The team boasts over 50 years of combined cyber and tech market experience, enabling it to adapt quickly to the changing needs of clients. It is led by Dan Trueman, whose experience of writing cyber business extends back to dotcom risks in the early 2000s. The Cyber unit underwrites risks worldwide. The majority of the risks underwritten are in North America but with regulations changing the unit is now working on every continent except Antarctica. Cyber is a key attribute of the Novae product offering. The Cyber unit is part of the MAPS division and writes its own business, but also collaborates with other Novae units to tailor bespoke products as required PROPERTY PROPERTY 21

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13 London Office 21 Lombard Street, London EC3V 9AH Tel: +44 (0) Bermuda Office Ideation House 94 Pitts Bay Road Pembroke, HM08 Bermuda Tel: PROPERTY Novae Syndicates Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Novae Bermuda Underwriting Limited is authorised and regulated by the Bermuda Monetary Authority. This brochure was prepared for brokers only.