Transaction Significantly Expands the Scale and Breadth of AXIS’
International Insurance Business
PEMBROKE, Bermuda & LONDON--(BUSINESS WIRE)--
AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS) today
announced that it has received clearance from all applicable regulators,
including the European Commission, and has finalized the completion of
its acquisition of Novae Group plc (“Novae”) (LON:NVA). The acquisition
creates a $2 billion insurer in London and a top ten (re)insurer at
Lloyd’s, with total global gross written premiums of $6 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.
Mr. Benchimol commented: “This is a significant acquisition and an
important milestone for AXIS. Acquiring Novae greatly adds to the scale
and breadth of our international business and also underscores our
commitment to London and to Lloyd’s, which continues to be the
pre-eminent market for specialty risks.
“Novae is known for its market-leading underwriting talent, which we
expect will thrive at AXIS. Our goal is to bring out the best in both
firms as we become one organization that is even stronger together.”
Mr. Fosh commented: “The combination of AXIS and Novae creates a bigger,
better business with a wider range of products and services, enabling us
to do even more for our clients and partners. Both companies share
similar values and priorities – we are specialty businesses that place a
high priority on our clients and employees. Our culture fosters
innovation and entrepreneurialism, and I expect that to continue as we
bring together the best of our two companies.”
Leadership and Integration
As previously announced, 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.
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 $5.9 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. For more information about
AXIS Capital, visit our website at www.axiscapital.com.
Follow AXIS Capital on LinkedIn and Twitter.
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AXIS Capital Holdings Limited
Investors
Linda
Ventresca, +1 441-405-2727
investorrelations@axiscapital.com
or
Media
Joe
Cohen, +1 212-715-3524
joseph.cohen@axiscapital.com
Source: AXIS Capital Holdings Limited