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London Office 21 Lombard Street, London EC3V 9AH

Tel: +44 (0) 20 7050 9000

Bermuda Office Maxwell Roberts building,

5th FloorChurch Street 1

HM 11 Hamilton Bermuda

Tel: +1 441 278 86 00

enquiries@novae.com | www.novae.com

Novae Syndicates Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Novae Bermuda Underwriting Limited is authorised and regulated by the Bermuda Monetary Authority.

September 2016

CASUALTYDivisional Brochure

This brochure was prepared for brokers only.

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ABOUT NOVAE

Novae is a diversified property and casualty (re)insurance business operating through Syndicate 2007 at Lloyd’s. The Group is based in London and has been listed on the London Stock Exchange since 1998. The development and diversification of Novae’s underwriting portfolio, combined with a prudent approach to reserving and disciplined expense management is integral to achieving market leading performance across the Group.

2015 GROSS WRITTEN PREMIUM

Property Insurance

Property Reinsurance

Agriculture & Bloodstock

70%

19%

11%

PROPERTY

GWP

£362.5m

25%

16%

CASUALTY

GWP

£183.3m 59%

Specialty Liability

General Liability & Motor

Casualty Reinsurance

60%

8%

MAP

GWP

£241.2m32%

Aviation Reinsurance

Marine & Energy

Credit & Political

2016 INTERIM GROSS WRITTEN PREMIUM

Aviation Reinsurance

Marine & Energy

Credit & Political

Property Insurance

Property Reinsurance

Agriculture & Bloodstock

70%

28%

2%

PROPERTY

GWP

£258.1m

66%

4%

MAP

GWP

£147.3m

30%

Specialty Liability

General Liability & Motor

Casualty Reinsurance18%

23%

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GWP

£107.7m 59%

2016 INTERIM FINANCIAL HIGHLIGHTS

Gross written premium of £513.1 million (H1 2015: £463.1 million)

Combined ratio of 96.1% (H1 2015: 89.8%)

Net investment income of £28.4 million (H1 2015: £3.8 million)

Profit before tax and foreign exchange of £37.9 million (H1 2015: £29.0 million)

2015 FINANCIAL HIGHLIGHTS

Gross written premium of £787.0 million (2014: £638.5 million)

Combined ratio of 90.8% (2014: 91.0%)

Net investment income of £6.8 million (2014: £14.3 million)

Profit before tax and foreign exchange of £54.9 million (2014: £52.4 million)

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Bob PattenCasualty Divisional Head Tel: +44 (0) 20 7050 9385 bpatten@novae.com

Expert underwriting is fundamental to Novae’s position as a leading innovative specialty insurer. By cultivating, developing and maintaining knowledge and capabilities in speciality classes of business, the Group is able to deliver excellence in products and service.

Central to achieving this is the recruitment and retention of high quality underwriters who have track records of delivery across the market cycle and deep rooted relationships with brokers and insureds. Novae invests heavily in its underwriting talent, both external hires and home grown talent.

Underwriting units are organised into three operating divisions: Property, Casualty, and Marine, Aviation & Political Risk (MAP). This approach improves visibility around performance, assists in the development of new sub-classes, facilitates more efficient reinsurance buying and supports organic growth.

UNDERWRITING APPROACH

DIVISIONAL APPROACH

Novae’s Casualty division accounted for 23.3% (£183.3 million) of the Group’s gross written premium in 2015 and offers insurance and reinsurance through nine underwriting units, which write a range of specialty liability, general liability and motor and casualty reinsurance risks.

Novae adopts a flexible and solution-driven underwriting approach. The Casualty division offers coverage on a mono line and package basis to both large and small entities all over the world, taking a long-term approach to relationships and risk. Our strong team of technically-astute underwriters seeks to deliver consistent results across the cycle, and maintains a commitment to dealing fairly and appropriately with clients.

We have made some significant hires and appointments during 2015 and 2016, and will continue investing in underwriting talent to further strengthen the division’s offering.

Our strong team of technically-astute underwriters seeks to deliver consistent results across the cycle, and maintains a commitment to dealing fairly and appropriately with clients.

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CLAIMS COMMITMENT

Novae is committed to providing a high quality claims service to all its customers, recognising and understanding their diverse needs across a broad range of underwriting classes. It aims to respond to all claims promptly and fairly.

Novae’s experienced adjusters operate in specialist teams to ensure the right person is handling customers’ claims. These teams adopt a proactive approach to case management, supported where appropriate by third party technical and legal experts to ensure the timely, effective resolution of claims. The Group’s flat management structure allows adjusters to rapidly escalate issues to senior decision makers, thereby further accelerating the claims handling process.

Novae seeks to establish long-term relationships with all stakeholders, and is accordingly committed to maintaining the highest standards of professionalism and integrity and to communicating with brokers and insureds with clarity and transparency.

Mark BatterburyGroup Claims Director Tel: +44 (0) 20 7050 9162 mbatterbury@novae.com

The Group’s flat management structure allows adjusters to rapidly escalate issues to senior decision makers, thereby further accelerating the claims handling process.

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FINANCIAL INSTITUTIONS

A recognised market leader with over 30 years’ experience, Novae underwrites a diversified Financial Institutions account which ranges from global household names to local risks.

The unit underwrites institutions from all over the world specialising in the banking, investment management and financial infrastructure sectors. Coverage is provided in respect of financial crime, professional liability and directors’ & officers’ liability.

In conjunction with Novae’s Cyber team, the unit is able to provide the innovative and holistic solutions required by today’s financial institutions.

CYBER

Novae’s market-leading approach to the fast-growing area of cyber insurance is founded on a commitment to continuous innovation and product refinement.

A recognised thought leader, the Cyber unit collaborates with leading organisations across all sectors from leading technology firms to world class academic institutions to validate models and assumptions.

All of the broad sub-classes of cyber and privacy insurance are covered for both first and third party risks. Both primary and excess business is underwritten through facultative placing, facilities or binding authority business.

Approach

The Cyber unit operates a partnership model, working with clients to understand the particular risks they face and mitigate them where possible. Its approach is based on three key principles: analysis, transfer, and response. The team seeks to develop a detailed understanding of the risk landscape, to create tailored policies, and to offer immediate support in the aftermath of a cyber event.

Track Record

Novae established its Cyber unit in 2014, since then it has grown rapidly. The team boasts an enviable breadth of experience and is able to adapt to the changing needs of clients and to develop long-term and mutually beneficial partnerships. It is led by Dan Trueman, whose experience of writing cyber business extends back to dotcom risks in the early 2000s.

Territories

The Cyber unit underwrites risks worldwide. The majority of the risks underwritten are in North America but with regulations changing the unit is now working on every continent except Antarctica.

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As the risk landscape evolves, Novae’s Financial Institutions unit uses its significant experience to work with clients and their advisors to structure solutions to both traditional exposures and emerging concerns such as information security. The unit aims to build long-term relationships cemented through a combination of expertise and pragmatism in the handling of claims; in the last 5 years it has paid around £250m in claims to its clients.

Track Record

Novae is one of the longest continuous providers of financial institutions insurance in the marketplace; the account was established shortly after the ‘Big Bang’ in London in the 1980s. This long history of underwriting financial institutions risks gives the team an appreciation of the varied economic conditions, as well as an understanding of the challenges of operating in today’s financial sector. The Unit Head is Ross Louden, who has been with Novae for 10 years and is also a Deputy Divisional Head.

Territories

The Financial Institutions team has a truly global appetite and combines the traditional focus of UK, Australia, United States, South Africa and Canada with a dedicated team focusing purely on risks within Growth Economies and Emerging Markets. The team travels extensively to meet clients and local broker offices with a particular focus on accessing business which is new to the London market.

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Ross LoudenDeputy Divisional Head Tel: +44 (0) 20 7050 9396 rlouden@novae.com

John Richards Senior Class Underwriter – Developed Economies Tel: +44 (0) 20 7050 9398 jrichards@novae.com

Brian Alexander Senior Class Underwriter – Growth Economies Tel: +44 (0) 20 7050 9392 balexander@novae.com

Dan TruemanUnit Head Tel: +44 (0) 20 7050 9388 dtrueman@novae.com

James Creasy Class Underwriter Tel: +44 (0) 20 7050 9387 jcreasy@novae.com

Jacqueline Spencer-Sim Class Underwriter Tel: +44 (0) 20 7050 9391 jspencer-sim@novae.com

For details of the full Cyber team, visit the website. For details of the full Financial Institutions team, visit the website.

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GENERAL LIABILITY & MOTOR REINSURANCE

Novae has developed a carefully selected general liability and motor reinsurance portfolio, encompassing risks from around the world.

The team underwrites principally non-proportional treaty reinsurance, and offers capacity in all classes and territories other than for USA-domiciled reinsureds.

The General Liability account includes public and products liability, employers’ liability, professional lines (PI and D&O), medical malpractice, legal expenses, fidelity guarantee, and employment practices liability. The Motor account includes all motor risks.

David MayUnit Head Tel: +44 (0) 20 7050 9400 dmay@novae.com

William Johnson Senior Underwriter Tel: +44 (0) 20 7050 9399 wjohnson@novae.com

Approach

Through a diversified product offering, Novae’s focus is to establish long-term relationships and find innovative solutions which protect clients’ ever-changing needs. The team has developed a reputation for its imaginative, problem-solving approach and quick turnaround, working with brokers to find solutions that provide value to clients.

Track Record

Since its establishment in 2010, Novae’s General Liability & Motor Reinsurance unit has provided a consistently high level of service to brokers and clients. The team is led by Unit Head David May, whose 25 years in the reinsurance market contribute to a combined team experience of over 40 years.

Territories

Novae offers capacity in all territories excluding USA-domiciled reinsureds. At present the book is highly focused toward UK-domiciled reinsureds and Europe, with Canada and the rest of the world, including Australia, Israel, Japan, South Africa and Ireland, making up the remainder.

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For details of the full General Liability & Motor Reinsurance team, visit the website.

MEDICAL MALPRACTICE

Novae underwrites a diverse primary and excess of loss medical professional negligence account which incorporates miscellaneous and medical errors and omissions, charity trustees indemnity and clinical trial no fault insurance coverage options; including combined general liability for specific industry sectors.

With extensive experience in a broad range of care-related, professional and medical exposures, the account encompasses risks ranging from complementary therapy, through to specialist clinics and private mental health or invasive surgical hospitals. The team also welcomes other miscellaneous and professional negligence-related business including scientific, educational, staffing, training, charitable, local authority and clinical research exposures.

Approach

Novae works closely with its producing brokers to understand clients’ ever-changing needs and build long-term relationships - providing expertise, flexible underwriting, efficient policy documentation production and specialist claims handling.

The cover can be tailored to suit individual insureds’ requirements and written either in the open market, via facilities or binding authorities or on a facultative reinsurance basis.

Track Record

Novae’s Medical Malpractice team has over 100 years’ combined experience, with a proven track record in the market. The team is led by Bill Edrich, who has been underwriting in the Lloyd’s Market for in excess of 30 years. Bill joined Novae in 2004 and is also the Deputy Active Underwriter for the Syndicate.

Territories

The unit principally underwrites risks located within the UK, Republic of Ireland, Canada and Australasia. Other international risks are welcomed, especially on an excess of loss basis.

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Bill EdrichUnit Head Deputy Active Underwriter Tel: +44 (0) 20 7050 9406 bedrich@novae.com

Carly Matson Deputy Unit Head Tel: +44 (0) 20 7050 9407 cmatson@novae.com

Louise Bett Deputy Unit Head Tel: +44 (0) 20 7050 9404 lbett@novae.com

For details of the full Medical Malpractice team, visit the website.

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PROFESSIONAL INDEMNITY

Novae’s Professional Indemnity unit offers an innovative and tailored approach to underwriting professional indemnity insurance across an internationally diverse portfolio.

It is recognised in the London market as a leader in the professional indemnity and public officials field, and underwrites primary and excess layers on both large complex and small to medium enterprise business.

The account includes architects, engineers, design and construction professions, solicitors, accountants, Lloyd’s brokers, insurance brokers, P&I club managers, patent agents, environmental consultants and actuaries. The team also considers D&O risks.

Approach

The Professional Indemnity team places high importance on the level of service it offers to brokers, and is known for its speed and consistency. With expertise in coverholder management and a broad range of appetite and experience, the unit can deliver bespoke solutions according to clients’ needs.

Track Record

Established over twenty years ago, the Professional Indemnity unit is a well-established and respected presence in the market. It is led by Unit Head Terry Allen, who joined Novae in 2003 and brings over 15 years of specialist knowledge to the team.

Territories

The account is geographically diversified with risks principally located within the UK, Scandinavia, South Africa, Canada, Italy and Australasia. USA exposure is also considered, provided that it is incidental to the main risk.

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Terry AllenUnit Head Tel: +44 (0) 20 7050 9409 tallen@novae.com

Matthew Watson Class Underwriter Tel: +44 (0) 20 7050 9411 mwatson@novae.com

Matthew Parker Assistant Underwriter Tel: +44 (0) 20 7050 9410 mparker@novae.com

For details of the full Professional Indemnity team, visit the website.

UK GENERAL LIABILITY

Novae’s UK General Liability unit offers a market leading service for standard, niche and specialist businesses in the United Kingdom.

It provides specialist underwriting solutions for UK-domiciled risks for both primary and excess of loss employers’, public and products liability.

Policies can be tailored to suit specific industry sectors and can be written in conjunction with other Novae classes of business if required.

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Nick VenthamUnit Head Tel: +44 (0) 20 7050 9415 nventham@novae.com

Mike White Deputy Unit Head Tel: +44 (0) 20 7050 9418 mwhite@novae.com

For details of the full UK General Liability team, visit the website.

Approach

The unit targets specialist and niche clients, tailoring policies to meet the specific requirements of a genuinely broad range of businesses. It leads most of its business and has built a reputation for swift service and efficient claims handling.

Track Record

Novae has been writing general liability business since 1998 and has a proven track record in the market. The team, led by Nick Ventham, has been together since 2004 and boasts an enviable breadth and depth of knowledge and expertise.

Territories

The unit focuses on businesses with headquarters domiciled in the United Kingdom and can cover exports and work worldwide.

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USA EXCESS CASUALTY

Novae has an experienced team of USA liability underwriters writing a broad array of insureds by offering technical expertise and consistency of underwriting.

The USA Excess Casualty unit is able to write syndicated placements of lead umbrella business in Lloyd’s of London, as well as standalone capacity of up to $25 million on a high excess basis. Its client base includes life sciences, commercial and residential construction, Fortune 1000, transportation and energy. Through attention to detail and listening to clients’ requirements, the unit provides technically backed underwriting solutions for USA-domiciled or USA exposed international clients.

Approach

The unit writes each risk purely on its own merits which, combined with strong support from Novae’s actuarial, legal and claims departments, means it is able to provide solutions in a highly technical market where others struggle. The team works with clients to understand their requirements, and aims to build long-term relationships with brokers and clients based on shared technical understanding and values. It seeks to provide a fast turnaround of quotes that are contract certain prior to binding.

Track Record

Novae’s USA Excess Casualty unit was established in April 2015 and is steadily growing. The team has a wealth of experience, and is led by Nicola Wood, who has 14 years’ experience writing excess casualty business, and Laurence Burrows, who has written this class for 8 years. The unit benefits from a supportive management structure.

Territories

The unit is based in London and operates at Lloyd’s, and writes business domiciled in the USA and Canada, or international companies that have large USA based operations.

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Nicola WoodUnit Head Tel: +44 (0) 20 7050 9501 nwood@novae.com

Laurence Burrows Senior Underwriter Tel: +44 (0) 20 7050 9420 lburrows@novae.com

For details of the full USA Excess Casualty team, visit the website.