Axis Capital has announced the completion of its £478mn takeover of Novae having received clearance from all applicable regulators, concurrently revealing a new structure that will see Novae adopt the Axis brand.
Axis said the acquisition creates a $2bn insurer in London and a top 10 (re)insurer at Lloyd's, with total global gross written premiums of $6bn based on 2016 figures.
In a statement, Axis said that Novae’s insurance business will be merged into its international insurance division, which is led by CEO Mark Gregory. Gregory will continue to report to Axis Insurance CEO Pete Wilson.
It was also announced that Novae’s reinsurance business will be absorbed into Axis Re and will form the core of Axis’ London reinsurance business. The division will be led by Richard Milner, president and CUO for Axis Re London and the Asia Pacific.
Meanwhile, current Axis Insurance International CUO Alistair Robson will take on the position of P&C CUO for the combined organisation, whilst former Novae CUO Robert Forster will become CUO of specialty lines.
Across in Asia, Rory MacGregor, currently executive vice president and underwriting manager for Singapore for Axis Insurance, will adopt the role of head of regional hubs and distribution.
John Isachsen, currently senior vice president for claims at Axis Insurance International, and Dax Gulmohamed, head of professional lines at Axis Insurance International will remain in these roles.
As previously announced, Novae CEO Matthew Fosh will become executive chair for Europe at Axis Capital, and will report to Axis Capital president and CEO Albert Benchimol.
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 organisation that is even stronger together.”
Meanwhile, Fosh said: “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.”