Reinsurance News

AXIS acquires shares of Novae as deal nears completion

2nd October 2017 - Author: Luke Gallin

AXIS Capital Holdings Limited has now acquired the shares of Novae Group for 715 pence per share, and expects to secure management of the company no later than October 18th, 2017.

mergers and acquisitions reinsuranceAXIS announced in early July that it would acquire Novae Group, before increasing its offer by 2% in August, which was accepted by Novae’s shareholders.

The Bermudian insurer and reinsurer said recently that it expects the deal to be completed in two phases, with the first being the acquisition of Novae shares, which it has now completed.

Phase two is expected to be completed no later than October 18th, 2017, and concerns AXIS securing management control of Novae, and to initiate the integration process, pending final approval from the European Commission.

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