Novae falls to loss after Axis offer

Listed Lloyd's insurer Novae Group posted a pre-tax loss of
£14.0mn ($18.5mn) for the first half of 2017, as unfavourable
foreign exchange movements and deteriorating underwriting
performance hit the bottom line.
Stripping out foreign exchange movements and non-recurring
items, the carrier made a loss of £2.2mn ($2.9mn), compared to
restated profits of £39.4mn in H1 2016, in what is likely to
be its valedictory set of public market results ahead of its sale
to Axis.
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