A new company - Novus Management - has set up on the Island to respond to needs within the local insurance and reinsurance sector for management services.

The new company, with offices in the Mechanics Building on Church Street, is being led by director Brian Webb.

In a Press statement, Mr. Webb said that Novus could provide services to a wide range of insurance companies from captive insurers at one end of the scale to back-office services for the larger, and most highly capitalised insurance or reinsurance venture.

"We can provide a full management service for class one, two and three businesses and back-office functionality for class four companies," he said.

The company, which also has an affiliation with a London-based consulting group, said its services included forensic analysis; underwriting analysis; asset/liability analysis; structural studies; feasibility studies; incorporation process; investment analysis and reporting; claims analysis, tracking and reporting and run-off administration for both solvent and insolvent companies.

Novus said it expected to provide services to companies in run-off as well as new ventures interested in incorporating as insurance or reinsurance ventures on the Island.

"Our objective is to build an organisation that goes beyond the traditional services to the insurance and reinsurance industries. Our team is committed to forging long-term partnerships with our clients."