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AXIS Capital’s acquisition of Novae Group defies critics that believe that the London Market has become overly expensive and unattractive.
Bermuda-based AXIS is set to acquire Lloyd's insurer Novae Group for £468 million ($604 million) in an all-cash deal.
Novae operates through Lloyd’s Syndicate 2007, and wrote approximately £900 million of gross written premium in 2016.
Lloyd’s has been criticized in recent years as an overly expensive location for transactions, particularly at times when the insurance market is feeling the pain of a soft market pressuring prices.
Lloyd's, Novae, AXIS, M&A, Insurance, Specialty, Europe, Bermuda, North America