Axis Capital completes Novae acquisition

Axis Capital has today finalised its acquisition of Lloyd’s syndicate Novae.

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).

Aixs Capital agreed to acquire the listed Lloyd’s insurer for £468m in cash.

The new entity will benefit from an expanded distribution platform and the be ability to write new and larger lines.

Axis Capital president and chief executive Albert Benchimol said: “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.”

He added: “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.”