Ogden change pushes Novae to underwriting loss

London market carrier Novae has fallen to an underwriting loss
for 2016 after a cut to the Ogden rate moved the company's
combined ratio for the year from 98.3 percent before the change to
103.6 percent after.
In 2015, the company had reported a full-year combined ratio of
91.3 percent.
Novae delayed the publication of its annual results last week as
the unexpected changes dealt a £55mn hit to its reserves.
As previously announced the decision altered the company's
final...