Axis agrees to buy Novae for $604mn

Axis Capital is buying Novae Group for $604mn to create a $2bn
London specialty market carrier and a top 10 insurer at
Lloyd's.
The price of 700 pence ($9.05) a share in cash values Axis at
approximately £467.6mn, or about 1.5x net tangible book value
as of the end of last year and is 20 percent more than Novae's
closing price on 4 July.
The price per share represents a 29 percent premium to
Novae's volume-weighted average price over the...