Reinsurance News
Novae Group
Neon appoints Tim Overton as Head of Pricing
7th December 2017
Tim Overton of Novae has been appointed to the newly created role of Head of Pricing at Neon Underwriting. Overton brings more than 13 years of industry experience in technical London Market pricing to his new role, and will report to Neon's Chief Underwriting Officer (CUO), Darren Lednor. Overton has previously held ... Read the full article
AXIS completes Novae acquisition
18th October 2017
Bermudian insurer and reinsurer, AXIS Capital Holdings Limited, has announced the completion of its acquisition of Novae Group, after receiving all necessary regulatory approval. The deal was initially announced in July, 2017, and after AXIS increased its offer by 2% in August, the firm then completed phase one ... Read the full article
AXIS acquires shares of Novae as deal nears completion
2nd October 2017
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. AXIS announced in early July that it would acquire Novae Group, before increasing its offer by 2% in ... Read the full article
AXIS’ takeover of Novae expected to be completed by October 18th, 2017
26th September 2017
AXIS Capital Holdings Limited will complete its previously announced acquisition of Novae group in two phases, the deal is expected to be finalised no later than October 18th, 2017. AXIS Capital announced in July this year that it would acquire Novae for $604 million, before increasing the offer in Read the full article
AXIS’ increased offer for Novae accepted by shareholders
29th August 2017
The revised and increased offer made by global specialty insurance and reinsurance firm AXIS Capital Holdings Limited to acquire Lloyd’s of London focused diversified specialty re/insurer Novae Group plc has been accepted by shareholders, the company reported today. Novae Group held a General Meeting earlier today in London and approximately 99.97 ... Read the full article
AXIS increases Novae offer by 2%
25th August 2017
Global specialty insurance and reinsurance firm AXIS Capital Holdings Limited has increased its acquisition offer for the shares of Lloyd’s of London focused diversified specialty re/insurer Novae Group plc by 2%, valuing the firm at £477.6 million (US $612m at today's FX rates). The "full and final" offer of 715 pence per ... Read the full article
Novae hires new COO Adam Cragg from Beazley
10th August 2017
Lloyd's of London focused diversified specialty re/insurer player Novae Group plc has hired Adam Cragg from competitor Beazley to become its new Group Chief Operating Officer. Cragg will report to Matthew Fosh, Chief Executive Officer of Novae and joins the firm at an important time, being in the process of Read the full article
AXIS Capital acquiring Novae Group for $604m
5th July 2017
Global specialty insurance and reinsurance firm AXIS Capital Holdings Limited is acquiring Novae Group plc, the Lloyd's of London focused diversified specialty re/insurer in a transaction worth $604 million. AXIS said that the acquisition will add "scale and breadth" to its international specialty insurance business, creating a $2 billion London specialty ... Read the full article
De-risking the right step for Novae: Peel Hunt
30th June 2017
Recent and ongoing steps taken to de-risk itself will benefit Lloyd's insurance and reinsurance specialist Novae Group, according to analysts at Peel Hunt. Novae "is taking the right actions to ease capital pressure, rebuild tangible equity and crystalize the intrinsic value of the business" the analysts explain, after reviewing the reinsurance ... Read the full article
Sompo Intl buying Financial Institutions portfolio from Novae syndicate
30th May 2017
Sompo International, the international specialty insurer and reinsurance brand that emerged after Sompo completed its acquisition of Bermudian firm Endurance Specialty Holdings Ltd., is acquiring a Financial Institutions portfolio of business from Lloyd's player Novae. Sompo International's London Market Insurance platform has reached a definitive renewal rights agreement with Novae Syndicates ... Read the full article
Novae adds to cyber line-up
16th May 2017
Lloyd's re/insurer Novae has added a new hire to its cyber insurance team, hiring Stuart Quick who was previously with IBM’s UK&I Cyber Security consulting practice. Quick joins Novae's cyber team as Breach Response and Cyber Operations Manager, and will report directly to Dan Trueman, Head of Cyber and Chief Innovation ... Read the full article
Novae & Fidelis announce quota share agreement
29th March 2017
Lloyd’s specialist insurer, Novae Group, announced that it has entered into a quota share reinsurance agreement with Fidelis Insurance Bermuda Limited (FIBL) to cover Syndicate 2007’s US Property Catastrophe Treaty excess of loss portfolio for 2017. Robert Forster, Chief Underwriting Officer at Novae, said; “I am pleased to announce this strategic ... Read the full article
Report highlights potential shortcomings of organisations’ cyber controls
1st March 2017
A new report claims that insurance and reinsurance protection alone is insufficient to manage the growing threat of cyber attacks, citing that cyber controls utilised by organisations to mitigate data breaches, and similar, might not be up to the task. The analysis and report on the capabilities of cyber controls comes ... Read the full article
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