Axis swallows Novae in $604mn deal

Years of speculation about Novae's future ended late
yesterday with news that the company hassold itself to Axis Capital for $604mn.
The acquisition will allow the Bermudian buyer to create a $2bn
London specialty market carrier and a top 10 insurer at
Lloyd's, while making Novae the latest brand to disappear from
the Lloyd's market.
The agreement comes during a period of retrenchment at Novae, whose
fortunes abruptly turned last year with a shock profit warning.
The reinsurer is...