Lloyd’s of London focused diversified specialty re/insurer player Novae Group plc has hired Adam Cragg from competitor Beazley to become its new Group Chief Operating Officer.
Cragg will report to Matthew Fosh, Chief Executive Officer of Novae and joins the firm at an important time, being in the process of an acquisition by AXIS Capital.
Fosh commented; “I am delighted to welcome Adam to the team. He brings a wealth of technological and operational expertise to Novae and an exceptional track record. He is a key addition to the senior executive team and his knowledge, skills and experience will add enormous value to the Group.”
Cragg has more than twenty-five years of experience in the insurance industry, most recently at Beazley Plc where he served as Head of Operations for UK and Rest of the World and managed operational services across eight global offices. Cragg joined Beazley in 2008 as Business Technology Manager, before which he held senior IT roles at ACE Group and Premium Credit Ltd.
Novae has been in the process of derisking itself as well as ensuring it is ready for the modern realities of the insurance and reinsurance market as it adapts to technology and new forms of capital. A new COO at this time will help the company better navigate the future, while preparing for and making the most of the opportunities its acquisition by AXIS presents.
