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Axis Capital acquiring reinsurer Novae for $604M

Published 07/05/2017, 07:05 PM
© Reuters.  Axis Capital acquiring reinsurer Novae for $604M
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  • Axis Capital (NYSE:AXS), a global specialty reinsurer, is acquiring diversified specialty reinsurer Novae Group in a $604M deal.
  • Novae operates through Lloyd's of London, and the combination will be a top 10 insurer at Lloyd's with a $2B presence in the London specialty market and $6B-plus in gross written premiums.
  • When the deal's done, Novae CEO Matthew Fosh will become the company's Executive Chair and report to Axis President/CEO Albert Benchimol.
  • The company expects the deal to close in Q4 after regulatory approval.
  • After hours: AXS -0.5%.
  • Now read: Are You Sure The Expenses Are Too High?


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