23 September 2016 For immediate release
Novae Group plc
Novae Group plc (the "Company") announces that Charles Fry, Chief Financial Officer, is stepping down from the Board today and will leave the Company with effect from 31 October 2016. Reeken Patel will be appointed Interim Chief Financial Officer while a search for a permanent replacement is undertaken. Mr Patel will not join the Board of the Company.
Matthew Fosh, Chief Executive commented:
"On behalf of the Board, I would like to thank Charlie very much indeed for his substantial contribution to Novae since he joined the Board in April 2013. During this period, Charlie has played an important part in the significant transition in our business and has had a major role in many of our recent strategic initiatives."
Charles Fry commented:
"Novae has established itself as a leading specialty insurance company and I am delighted to have played a part in this. I wish Matthew and the rest of the team every success in the next chapter of the Novae story."
The Company's outlook for the full year remains in line with previous guidance; as previously announced the Company will provide an update on Q3 trading on 9th November.
This announcement is made pursuant to paragraph 9.6.11R of the Listing Rules and contains inside information.
Matthew Fosh: Novae Group plc 0207 050 9000
David Haggie: Haggie Partners 020 7562 4444
Notes to editors: Reeken Patel joined the Company in July 2014 as Chief Risk Officer. He is a director of Novae Syndicates Limited and currently leads the risk and actuarial functions. Reeken is an actuary with over 16 years experience and prior to joining Novae he was a partner in the General Insurance Division of PricewaterhouseCoopers and their London Market actuarial leader.
Novae Group is a diversified property and casualty (re)insurance business operating through Syndicate 2007 at Lloyd's and is listed on the London Stock Exchange. Established in 1986, Novae writes property, casualty and marine, aviation and political risk business between its offices in London and Bermuda and has a market capitalisation of more than £500 million.
Syndicate 2007 is managed by Novae Syndicates Limited and enjoys an A (A.M. Best) and A+ (Standard & Poor's) and AA- (Fitch) Lloyd's rating.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Novae Group plc via Globenewswire