Novae Group PLC Novae Group Plc : Directorate Change

 
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)

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