AXIS to buy Novae Group in $604M deal

By Erin Ayers on July 7, 2017

AXIS Capital announced that it will buy Novae Group plc in a $604 million deal that AXIS said would expand its scope and create one of the top-10 largest insurers in the London specialty market.

“A key component of our growth strategy is to have leadership positions, relevance and scale in each of the specialty risk markets where we choose to compete,” said Albert Benchimol, president and CEO of AXIS Capital in a statement. “The acquisition of Novae is a great opportunity to accelerate the breadth and depth of talent, lines of business, and leadership positions that we are developing in the London market for specialty risks, advancing our growth and enabling us to better serve our clients.”

After completion of the transaction, the combined firm would represent a global specialty firm with over $6 billion in gross written premiums, based on 2016’s results. After the deal closes, subject to regulatory approval, Novae CEO Matthew Fosh will be named executive chairman and report to Benchimol.

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Erin is an editor at Advisen. She has 15 years of journalism experience. Prior to Advisen, Erin covered property-casualty insurance for 13 years as editor-in-chief of The Standard, New England’s Insurance Weekly. Erin is based in Boston, Mass. Contact Erin at eayers@advisen.com.