AXIS Re announces new CEO
After receiving clearance from all applicable regulators - including the European Commission - AXIS Capital has completed its acquisition of Novae Group.
AXIS Capital suggested the acquisition creates a $2 billion insurer in London and a top ten re/insurer at Lloyd’s, with total global gross written premiums of $6 billion, based on 2016 actual results.
This deal is part of AXIS' strategy to hold leadership positions and scale in each of the specialty risk markets in which it competes.
Furthermore, Novae’s portfolio is expected to complement AXIS’ existing book of business, allowing the new entity to write new and larger lines and benefit from an expanded distribution platform.
“This is a significant acquisition and an important milestone for AXIS. Acquiring Novae greatly adds to the scale and breadth of our international business and also underscores our commitment to London and to Lloyd’s, which continues to be the pre-eminent market for specialty risks," said AXIS Capital president and CEO Albert Benchimol.
“Novae is known for its market-leading underwriting talent, which we expect will thrive at AXIS. Our goal is to bring out the best in both firms as we become one organization that is even stronger together.”
Matthew Fosh, CEO of Novae, added: “The combination of AXIS and Novae creates a bigger, better business with a wider range of products and services, enabling us to do even more for our clients and partners. Both companies share similar values and priorities – we are specialty businesses that place a high priority on our clients and employees. Our culture fosters innovation and entrepreneurialism, and I expect that to continue as we bring together the best of our two companies.”
Axis Capital, Novae, M&A, London, Bermuda