AXIS makes final bid for Novae Group
AXIS Capital Holdings has announced it has been successful in its bid to buy Novae Group.
The announcement followed a general meeting of Novae shareholders in London, where those shareholders approved AXIS Capital’s proposed scheme of arrangement by an overwhelming vote of 99.97 percent in favour of the proposal.
Based on 2016 actual results, the combination overall represents a global specialty (re)insurer with gross written premiums in excess of $6 billion.
AXIS Capital made the initial bid for Novae at the start of July, but raised its offer slightly towards the end of August.
"The acquisition of Novae accelerates the growth strategy of our international insurance business, creating a $2 billion insurer in the London specialty market, while significantly scaling up our capabilities and enabling AXIS to even better serve our clients and brokers," said Albert Benchimol, president and CEO of AXIS. "We are excited by the possibilities this presents and look forward to welcoming the Novae team as we work together to achieve our shared ambitions."
"We are pleased that Novae shareholders supported the transaction," commented Matthew Fosh, CEO of Novae. "We strongly believe that the combined company will be superbly positioned to compete in the international specialty insurance marketplace."
The transaction is subject to regulatory approval and other customary closing conditions and is expected to close in the fourth quarter of this year. Credit Suisse International and Fenchurch Advisory Partners are acting as financial advisors to AXIS Capital.
AXIS Capital Holdings, Novae Group, M&A, Lloyd's, Europe, North America, Insurance, Reinsurance, Albert Benchimol, Matthew Fosh, Bermuda