Novae merges into AXIS in new structure following acquisition

Bermuda-based AXIS Capital Holdings said on Oct. 18 that 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.

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.

This announcement follows the completion of the acquisition of Novae Group after the required regulatory approvals have been received.

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, according to the company.

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, the company stated.

“This is a significant acquisition and an important milestone for AXIS,” AXIS Capital CEO Albert Benchimol said.

“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.

Former Novae CEO Matthew Fosh and now AXIS Capital’s executive chair, Europe, added: “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.”

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.

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