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AXIS Capital Announces Final Offer for Novae

by August 24, 2017 General

Final offer of 715 pence per share for Novae represents 2% increase

AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS) today announced that it has made a full and final offer of 715 pence per share for Novae Group plc (“Novae”) (LON:NVA). This offer values the entire share capital of Novae at approximately £477.6 million.

Further information for Novae shareholders can be found here.

Albert Benchimol, President and CEO of AXIS Capital, commented, “This acquisition is fully aligned with AXIS Insurance’s international specialty insurance growth strategy and will combine two highly complementary businesses. We firmly believe this combination will create significant value for AXIS’s shareholders with limited execution risk.

The benefits of this transaction announced with our initial offer have not materially changed with this revised offer. We continue to expect meaningful earnings and ROE accretion within the first year after close.

We believe that our final bid represents compelling and full value for Novae, as recognized by the Boards of both companies. By offering Novae Shareholders an improved cash offer, AXIS aims to bring certainty to the transaction.”

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 Follow AXIS Capital on LinkedIn and Twitter.


AXIS Capital Holdings Limited
Linda Ventresca, +1 441-405-2727
AXIS Capital Holdings Limited
Joe Cohen, +1 212-715-3524