17 January 2017
For immediate release
Novae Group plc
Appointment of Chief Financial Officer
Novae Group plc (the "Company") today announces the appointment of Reeken Patel as Executive Director and Group Chief Financial Officer, subject to regulatory approval.
Matthew Fosh, Group Chief Executive commented:
"Reeken has an outstanding track record as a member of the executive team and we are delighted to be appointing him to the position of Chief Financial Officer and as an Executive Director of Novae Group plc."
John Hastings-Bass, Chairman commented:
"Reeken's recent experience as interim Chief Financial Officer, and his previous role as the Company's Chief Risk Officer, together with his prior experience as a partner at PricewaterhouseCoopers, provides an ideal skill set to support the delivery of our strategy."
There are no disclosure obligations in respect of paragraph 9.6.13R of the Listing Rules.
Enquiries:
Matthew Fosh: Novae Group plc 020 7050 9000
David Haggie: Haggie Partners 020 7562 4444
Notes to editors:
Reeken Patel
Reeken Patel joined the Company in July 2014 as Chief Risk Officer, where he led the risk and actuarial functions, and has been acting as interim Chief Financial Officer since 1 November 2016. Mr Patel is a qualified actuary with over 16 years' experience. Prior to joining Novae he was a partner in the General Insurance Division of PricewaterhouseCoopers and their London Market Actuarial leader.
Remuneration
Mr Patel will be paid in accordance with the Remuneration Policy approved by shareholders in 2015, as set out in the Annual Report 2014. He will receive a base salary of £300,000 and will be eligible to participate in the Company's incentive plans and receive other customary employment benefits. His notice period will be 12 months. No additional payment will be made upon appointment.
Regulatory Approval
This appointment is subject to approval from the Prudential Regulation Authority, with consent from the Financial Conduct Authority.
About Novae
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 £400 million.