AXIS Capital Holdings Limited said it has received clearance from all applicable regulators, including the European Commission, and has completed the acquisition of Novae Group plc.
The acquisition creates a USD2 billion insurer in London and a top ten (re)insurer at Lloyd’s, with total global gross written premiums of USD6 billion (based on 2016 actual results).
The transaction advances AXIS’ strategy to hold leadership positions and scale in each of the specialty risk markets in which it competes. Additionally, Novae’s portfolio complements AXIS’ existing book of business, allowing the new entity to write new and larger lines and benefit from an expanded distribution platform.
Following the acquisition, Novae CEO Matthew Fosh will become AXIS Capital’s Executive Chair, Europe, and will report to AXIS Capital President and CEO Albert Benchimol. Novae will adopt the AXIS brand and its insurance business will be merged into AXIS’ international insurance division, led by its CEO, Mark Gregory, who reports to Pete Wilson, CEO of AXIS Insurance.
Also,Alistair Robson, currently Chief Underwriting Officer at AXIS Insurance International, will become Chief Underwriting Officer, P&C, in the combined organisation, and Robert Forster, currently Chief Underwriting Officer at Novae, will be Chief Underwriting Officer, Specialty Lines.
Rory MacGregor, currently Executive Vice President and Underwriting Manager, Singapore, for AXIS Insurance, will hold the role of Head of Regional Hubs and Distribution. John Isachsen, currently Senior Vice President, Claims, AXIS Insurance International, and Dax Gulmohamed, currently Head of Professional Lines, AXIS Insurance International will remain in these roles.
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 APAC.
About AXIS Capital
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at June 30, 2017 of USD5.9 billion and locations in Bermuda, the United States, Europe, Singapore, Middle East, Canada and Latin America. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A+” (“Superior”) by A.M. Best.