Last week we told you about
AXIS Capital Holdings Limited’s improved offer to acquire Novae Group plc. Now the full and final offer of 715 pence per share has been accepted.
Approximately 99.97% of Novae shareholder votes cast at Tuesday’s general meeting in London were in favour of the proposal, approving the scheme of arrangement with AXIS Capital.
“We are pleased that Novae shareholders supported the transaction. We strongly believe that the combined company will be superbly positioned to compete in the international specialty insurance marketplace,” commented Novae chief executive Matthew Fosh.
According to the announcement, the combined group represents a global specialty (re)insurer with more than $6 billion in gross written premiums. Subject to regulatory approval and other customary closing conditions, the transaction is expected to close in the fourth quarter of 2017.
Albert Benchimol, AXIS Capital president and CEO, said acquiring Novae accelerates the growth strategy of AXIS Capital’s international insurance business. The deal creates a $2 billion insurer in the London specialty market and will significantly scale up AXIS Capital’s capabilities.
“We are excited by the possibilities this presents and look forward to welcoming the Novae team as we work together to achieve our shared ambitions,” added Benchimol.
Bermuda-based AXIS Capital is a global provider of specialty lines insurance and treaty reinsurance. It has offices in the United States, Europe, Singapore, Middle East, Canada, and Latin America.
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