AXIS capital Holdings Limited has announced that it is acquiring the Novae Group plc.
The $604 million USD transaction adds breadth and scale to the to the international specialty insurance business of AXIS creating a $2 Billion USD insurer in the London specialty marketplace.
Based on 2016 actual results, the combination overall represents a global reinsurance/insurance business with gross written premiums in excess of $6 billion USD.
AXIS Capital also announced that following the completion of the deal Novae CEO Matthew Fosh will be appointed as the company’s Executive Chair, Europe. He will report to Mr Benchimol.
Albert Benchimol, President and CEO of AXIS Capital said, “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 [insurance] Market for specialty risk, advancing our growth and enabling us to better serve our clients.”
Matthew Fosh commented, “by joining AXIS we are become a part of a global leader in specialty insurance and reinsurance. AXIS is an ideal partner for Novae’s clients and our employees – and I am particularly enthused for our employees who will benefit from having access to the financial strength of a major global carrier and to the enhanced tools, support and resources required to grow our portfolio of underwriting businesses.”.
Matthew Fosh also added, “Our organisations share like-minded corporate cultures grounded in a client centric, innovative and entrepreneurial mentality. Moreover, our businesses are highly complementary, creating significant potential for our combined platform.”
Among his responsibilities Matthew Fosh will help to guide the integration of the two businesses.
Additionally, Novae’s Chief Underwriting Officer Robert Forster will have a senior underwriting management role on the leadership team of AXIS’ international insurance division, which is led by Mark Gregory.
*The transaction is subject to regulatory approval and expected to close in the fourth quarter of 2017.