Novae Group News

Novae Group Appoints Beazley’s Cragg as Chief Operating Officer

Novae Group plc, the specialist listed Lloyd’s insurer, announced the appointment of Adam Cragg as group chief operating officer. He reports to Matthew Fosh, chief executive officer of Novae. Cragg brings 25 years of experience in the insurance industry to …

AXIS Capital to Acquire Lloyd’s Specialty Re/Insurer Novae for $604 Million

AXIS Capital Holdings Ltd. announced it is acquiring Novae Group plc, a specialty re/insurer that operates through Lloyd’s of London. “The US$604 million transaction adds scale and breadth to the international specialty insurance business of AXIS, creating a $2 billion …

Novae Expands Cyber Team with Appointment of Quick from IBM

Novae Group plc, the specialist listed Lloyd’s insurer, announced that Stuart Quick has joined its cyber team as breach response and cyber operations manager, reporting to Dan Trueman, head of cyber and chief innovation officer. Quick was previously a managing …

Novae Launches Construction Unit with Appointment of Cross

Novae Group plc, the specialist listed Lloyd’s insurer, announced that Steve Cross has joined as unit head – construction. He is based in London and reports to Stuart Heath, divisional head of property. Cross joins from CNA Hardy where he …

Ironshore Acquires Novae Group’s Agricultural Team and Renewal Portfolio

Bermuda-based Ironshore International announced the acquisition of the reinsurance renewal rights to Novae Group’s global agriculture reinsurance portfolio. The transfer is conditional on Lloyd’s approval and is expected to be completed in November 2015. Novae’s team of five agriculture reinsurance …

Waiting List for Insurers to Get Seats on Lloyd’s Underwriting Floor Hits Record

The waiting list for an insurer to get a spot on the underwriting floor of Lloyd’s of London is the longest in its 327-year history, indicating record demand for access to the market. Lloyd’s has requests for about 160 so-called …

Reinsurance Execs at Rendez-Vous Question Recent High-Priced M&As

Global reinsurance executives who met in Monaco questioned whether a frenzy of mergers in Europe means buyers of Lloyd’s of London insurance companies are paying too much. Deal-making will continue after Tokyo-based MS&AD Insurance Group Holdings Inc. agreed last week …

Amlin Deal Puts M&A Spotlight on 4 Remaining Publicly Traded Lloyd’s Insurers

Amlin Plc’s $5.3 billion takeover by a Japanese competitor has put the remaining four publicly traded Lloyd’s of London insurers in the spotlight for a possible takeover. Beazley Plc, Hiscox Ltd., Lancashire Holdings Ltd. and Novae Group Plc all rallied …

Brit Chief Says Excess Capital Will Spark More Mergers & Acquisitions

Brit plc Chief Executive Officer Mark Cloutier said an excess of insurance industry capital will force more executives to sell or merge their companies. Cloutier said Brit’s planned $1.88 billion sale to Prem Watsa’s Fairfax Financial Holdings Ltd., which was …

Lancashire Seen as Target as Lloyd’s Consolidation Trend Continues

Lloyd’s of London insurers Lancashire Holdings plc and Novae Group plc may be the next in line for takeover offers after Brit plc became the second U.K. firm within weeks to be acquired. Lancashire, which gained access to the world’s …