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24 November 2017

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Axis upsizes Novae legacy deal to $1.1bn

Catrin Shi and Adam McNestrie 10 November 2017

Axis has almost doubled the size of its proposed legacy sale of Novae's back book and is in late-stage discussions with Enstar and an R&Q-Axa consortium, The Insurance Insider can reveal.

Sources said that Axis is looking to hand off all business that Novae wrote before 1 January 2016, which amounts to net reserves of £850mn ($1.16bn).

Earlier this year Aon Benfield was drafted in by Novae's board to help the carrier explore a structure to curtail its exposure to...


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