Novae plans Bermuda operation

Lloyd’s re/insurer Novae plans to launch operations in Bermuda as a group reinsurer of, and coverholder for, Syndicate 2007 at Lloyd’s.

Philippe Chevereau will be the resident manager of the Bermuda operation and will remain as Novae’s head of property casualty treaty reinsurance.

Chevereau joined Novae in 2012 to head its international property catastrophe unit. Prior to this he was an international property treaty underwriter for Arch Reinsurance in Bermuda.

Matthew Fosh, chief executive officer of Novae Group, said: “We have identified a number of opportunities in Bermuda that would enhance our strategy. Philippe’s previous experience of working in Bermuda, together with his underwriting expertise, will be invaluable in developing our presence in the Bermudian market.”