AXIS Capital Offer For Novae Accepted
Bermuda-based AXIS Capital Holdings Limited announced that at the General Meeting held earlier today [Aug 29] in London, Novae Group plc shareholders approved the scheme of arrangement with AXIS Capital, with approximately 99.97 percent of shareholder votes cast in favor of the proposal.
Based on 2016 actual results, the combination overall represents a global specialty [re]insurer with gross written premiums in excess of $6 billion.
Albert Benchimol, President and CEO of AXIS, commented: “The acquisition of Novae accelerates the growth strategy of our international insurance business, creating a $2 billion insurer in the London specialty market, while significantly scaling up our capabilities and enabling AXIS to even better serve our clients and brokers. We are excited by the possibilities this presents and look forward to welcoming the Novae team as we work together to achieve our shared ambitions.”
Matthew Fosh, CEO of Novae, commented: “We are pleased that Novae shareholders supported the transaction. We strongly believe that the combined company will be superbly positioned to compete in the international specialty insurance marketplace.”
The transaction is subject to regulatory approval and other customary closing conditions and is expected to close in the fourth quarter of this year. Credit Suisse International and Fenchurch Advisory Partners are acting as financial advisors to AXIS Capital.
