Bermudian insurer and reinsurer, AXIS Capital Holdings Limited, has announced the completion of its acquisition of Novae Group, after receiving all necessary regulatory approval.
Phase two of the acquisition has now completed, and after receiving approval from the European Commission, AXIS has finalised its takeover of Novae Group for £477.6 million (US$629mn at today’s FX rates).
According to an announcement, the deal creates a $2 billion London insurer, and a top ten re/insurer at the Lloyd’s of London marketplace, with global, gross written premiums of $6 billion.
AXIS President and Chief Executive Officer (CEO), Albert Benchimol, commented; “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.
“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.”
Novae’s CEO, Matthew Fosh, is to become AXIS’ Executive Chair, Europe, and he also commented on the deal; “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.”
Novae will adopt the AXIS brand, and its insurance segment will be integrated into the AXIS global insurance unit, which is to be led by the division’s CEO, Mark Gregory.
The Novae reinsurance segment will be merged into AXIS Re, and will be led by President and Chief Underwriting Officer (CUO), AXIS Re London and APAC, Richard Milner.
CUO at AXIS Insurance International, Alistair Robson, will become CUO of P&C, and current Novae CUO, Robert Foster, will become CUO, Specialty Lines.