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AXIS Capital closes Novae deal

AXIS Capital Holdings Ltd. has finalized the completion of its £477.6 million acquisition of Novae Group Plc after receiving clearance from all necessary regulators, including the European Commission.

As earlier announced, Novae CEO Matthew Fosh will become AXIS Capital's executive chair for Europe. Alistair Robson, currently chief underwriting officer at AXIS Insurance International, will become chief underwriting officer of property and casualty in the combined company. Robert Forster, currently chief underwriting officer at Novae, will become chief underwriting officer of specialty lines.

Rory MacGregor, currently executive vice president and underwriting manager of Singapore for AXIS Insurance, will become head of regional hubs and distribution. John Isachsen, currently senior vice president of claims for AXIS Insurance International, and Dax Gulmohamed, currently head of professional lines for AXIS Insurance International, will remain in their respective roles.

Novae will adopt the AXIS brand, and its insurance business will be merged into AXIS Capital's international insurance division, led by its CEO, Mark Gregory. Novae's reinsurance business will be merged into AXIS Re and will form the core of AXIS Capital's London reinsurance business, led by Richard Milner, president and chief underwriting officer of AXIS Re London and APAC.