Insight and Intelligence on the London & International Insurance Markets 23 Apr 2018

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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...

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