Novae hunts for major legacy solution for reserves

Troubled London-listed insurer Novae is exploring a legacy
transaction with parties including Berkshire Hathaway and Enstar
that could allow it to hand off £450mn ($583mn) of net
reserves, The Insurance Insider can
reveal.
The decision to pursue such a deal, which would curtail
Novae's ongoing exposure to all business written up until 31
December 2015, is likely to fuel speculation that the company is
clearing the decks for a sale.
It is understood that Novae, which is being advised by...