Axis completes Novae deal | Business Insurance

Axis Capital Holdings Ltd. has completed its acquisition of Novae Group P.L.C., which will be merged into the Axis brand, the companies said in a statement Wednesday.

The acquisition creates an insurer and reinsurer with $6 billion in gross written premium globally and $2 billion in London, making it a top ten insurer and reinsurer at Lloyd’s of London, the statement said.

Axis Capital originally offered about $604 million for Novae in July but later increased its offer to about $615 million under pressure from Novae shareholders.

Novae will adopt the Axis brand and its CEO Matthew Fosh will become Axis Capital’s executive chair, Europe, and will report to Albert Benchimol, president and CEO of Axis Capital.

Novae’s insurance business will be merged into Axis Capital’s international insurance division, led by its CEO, Mark Gregory, who reports to Pete Wilson, CEO of Axis Insurance.

Novae’s reinsurance business will be merged into Axis Re and will form the core of Axis’ London reinsurance business, led by Richard Milner, president and chief underwriting officer, Axis Re London and Asia Pacific, according to the statement.

Alistair Robson, currently chief underwriting officer of Axis Insurance International, will become chief underwriting officer, P&C, in the combined organization, and Robert Forster, currently chief underwriting officer at Novae, will be chief underwriting officer, specialty lines.

“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,” Mr. Benchimol said in the statement.

“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,” Mr. Fosh said in the statement.