Insight and Intelligence on the London & International Insurance Markets 24 Jul 2017

To view the full Insurance Insider site click here

Axis-Novae continues tide of consolidation

  • Adam McNestrie 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...

  • If you are a non-subscriber but would like to be able to view this article, then please go to our Publications page for further information on joining our readership
  • Login Free trial
  • Login