PEMBROKE, Bermuda & LONDON--(BUSINESS WIRE)--AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS) announced today that it has acquired the shares of Novae Group plc (“Novae”) (LON: NVA) at a price of 715 pence per share. AXIS expects to secure management control of Novae, and to begin integration of the combined businesses, no later than October 18, 2017, pending final European Commission approval of the transaction.
AXIS and Novae announced a proposed Scheme of Arrangement on July 5, 2017, whereby AXIS would acquire all of the shares of Novae to form a combined business. On August 29, 2017, AXIS announced that Novae shareholders had approved the Scheme of Arrangement, which went into effect today.
The transaction has received regulatory approval from the Prudential Regulation Authority, the Financial Conduct Authority, Lloyd's of London and the Bermuda Monetary Authority.
A copy of an investor presentation is available in the investor information section of www.axiscapital.com.
Credit Suisse International and Fenchurch Advisory Partners are serving as financial advisors to AXIS Capital.
About AXIS Capital
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at June 30, 2017 of $5.9 billion and locations in Bermuda, the United States, Europe, Singapore, Middle East, Canada and Latin America. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A+” (“Superior”) by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com. Follow AXIS Capital on LinkedIn and Twitter.