No­vae ac­quired for £467.6m

The Star Early Edition - - INTERNATIONAL -

LLOYD’S of Lon­don in­surer No­vae Group said it had agreed to be taken over by Axis Cap­i­tal Hold­ings, a Ber­muda-based spe­cial­ity in­surer and rein­surer, for £467.6 mil­lion (R8.1 bil­lion) in cash, send­ing its shares soar­ing over 20 per­cent. Axis chief ex­ec­u­tive Al­bert Benchi­mol said the ac­qui­si­tion of No­vae, which cov­ers prop­erty, ca­su­alty, ma­rine, avi­a­tion and po­lit­i­cal risk, would cre­ate a $2bn (R26.8bn) player in the Lon­don spe­cial­ity mar­ket. The deal will add to Axis’s earn­ings in the first year and al­low it to bulk up in the Lloyd’s in­sur­ance mar­ket. – Reuters

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