Novae Group PLC Novae Group Plc : Directorate Change
23 September 2016 - 4:00PM
UK Regulatory
TIDMNVA
23 September 2016 For immediate release
Novae Group plc
Directorate Change
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 9(th) November.
This announcement is made pursuant to paragraph 9.6.11R of the Listing
Rules and contains inside information.
Enquiries:
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 GBP500 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.
http://novae.com/
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
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
http://www.novae.com/home.aspx
(END) Dow Jones Newswires
September 23, 2016 02:00 ET (06:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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