Insight and Intelligence on the London & International Insurance Markets 23 Jan 2018
Axis-Novae continues tide of consolidation
- 11 July 2017
Axis' proposed £468mn ($603mn) acquisition of Novae is just the latest example of the ineluctable drive towards consolidation in the sector, as the smaller publicly traded carriers are picked off by their larger rivals.
After markets closed on 5 July, Bermudian (re)insurer Axis rushed out an announcement to tell investors that it had struck a deal to buy Novae in an all-cash transaction. The deal values the business at 1.5x fully diluted tangible book value per share and represents a...
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