PEMBROKE, Bermuda & LONDON--(BUSINESS WIRE)--Following consultation with the European Commission, and in accordance with applicable regulations, AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE: AXS) will complete its acquisition of Novae Group plc (“Novae”) (LON: NVA) in two phases, beginning with the acquisition of Novae shares, expected to occur on October 2, 2017. This is to be followed by management control and integration of the combined businesses upon receipt of final European Commission approval, which is expected no later than October 18, 2017.
AXIS and Novae entered into a Scheme of Arrangement on July 5, 2017, whereby AXIS would acquire all of the shares of Novae to form a combined business. On August 29, 2017, AXIS announced that Novae shareholders had approved the Scheme of Arrangement.
The transaction has received regulatory approval from the Prudential Regulation Authority, the Financial Conduct Authority, Lloyd's of London and the Bermuda Monetary Authority.
A copy of an investor presentation is available in the investor information section of www.axiscapital.com.
Credit Suisse International and Fenchurch Advisory Partners are serving as financial advisors to AXIS Capital.
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 www.axiscapital.com.
Follow AXIS Capital on LinkedIn and Twitter.
