AXIS Capital announces two-stage completion of Novae purchase

AXIS Capital has announced that after consultation with the European Commission, and in accordance with applicable regulations, the company will complete its acquisition of Novae Group in two stages.

The first step will be the acquisition of Novae shares, expected to occur on October 2, 2017. The second step will be management control and integration of the combined businesses upon receipt of final European Commission approval, which is expected no later than October 18, 2017.

AXIS and Novae entered into a scheme of arrangement on July 5, 2017, whereby AXIS would acquire all of the shares of Novae to form a combined business. On August 29, 2017, AXIS announced that Novae shareholders had approved the scheme of arrangement.

The transaction has received regulatory approval from the Prudential Regulation Authority, the Financial Conduct Authority, Lloyd's of London and the Bermuda Monetary Authority.