Insight and Intelligence on the London & International Insurance Markets 23 Sep 2017

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Market looks for Novae counterbid

  • Charlie Thomas 11 July 2017
  • Novae finally looks set to exit the public markets after years of speculation, but questions remain over whether the 700-pence-per-share recommended bid from Axis could encourage other would-be acquirers to lodge a counter offer.

    The 1.5x multiple that Axis CEO Albert Benchimol has agreed to pay looks compelling and the prospect of spending more will at least give any interested parties pause for thought.

    Making profits from Lloyd's businesses is tough at the moment, with acquisition costs eye-wateringly high and...

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