Axis finds deal after two-year hunt

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.
The PartnerRe acquisition was initially agreed in January 2015
at a highly discounted 0.90x multiple after the company was offered
on a plate to Benchimol. However, the deal was wrecked by a
superior offer from the Agnelli family's investment vehicle
Exor.
The transformative transaction would have c