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July 2017/2

  • Standard & Poor’s Global Ratings cut its outlook on Axis Capital to negative even as it retained its A- grade on the (re)insurer as a counterparty and debt issuer, while AM Best held the carrier’s financial strength rating at A+ (superior) with a stable outlook following its $604mn deal to buy Novae for $604mn in cash.
  • Axis shares have fallen just under 3 percent in morning trading in New York as investors react to the carrier's acquisition of London-listed Novae, announced late yesterday evening.
  • Albert Benchimol is a brave man...
  • The economic and strategic positives of Axis Capital's takeover of Novae "far outweigh" any negatives arising from the deal, CEO Albert Benchimol has claimed
  • Axis Capital's proposed acquisition of Novae will propel the Bermudian into nine new lines, the company has said, as well as expanding its offering in eight classes it described as complementary.
  • Novae CEO Matthew Fosh could be set to personally gain as much as £9.6mn ($12.4mn) from his firm's agreed sale to Axis Capital
  • Axis Capital's deal to acquire London-listed Novae brings to completion a two-year M&A search for CEO Albert Benchimol following the collapse of the carrier's opportunistic tie-up with PartnerRe.
  • When investors and market watchers weigh the valuation of the agreed Axis-Novae deal the view they take will depend heavily on the perspective they use
  • Novae has sold to Axis in a $604mn deal announced very late last night
  • Years of speculation about Novae's future ended late yesterday with news that the company has sold itself to Axis Capital for $604mn.
  • The Novae name is set to become the latest Lloyd’s brand to be retired as Axis plans to bring the carrier under its own corporate banner and merge the two syndicates, The Insurance Insider can reveal.