Insider View: Brave Benchimol

Albert Benchimol is a brave man.
By buying a business that has been forced to issue a series of
profit warnings and that is entirely reliant on a highly challenged
London market, the Axis Capital CEO is taking a gamble.
And let's be clear: he is not picking up Novae at a discount
price. At 1.5x on a fully diluted basis, he is paying a premium
valuation, particularly given that his own shares trade at a 1.1x
multiple that make...