Axis-Novae continues tide of consolidation

Axis' proposed £468mn ($603mn) acquisition of Novae is
just the latest example of the ineluctable drive towards
consolidation in the sector, as the smaller publicly traded
carriers are picked off by their larger rivals.
After markets closed on 5 July, Bermudian (re)insurer Axis
rushed out an announcement to tell investors that it had struck a
deal to buy Novae in an all-cash transaction. The deal values the
business at 1.5x fully diluted tangible book value per share and
represents a...