Greater Strength, Depth, Leadership
The Novae acquisition was a significant strategic advancement for AXIS. With the acquisition, AXIS became both a $2 billion insurer in London's international specialty market and a top-10 player at Lloyd's, where Novae historically conducted the majority of its business. Moreover, the move accelerated AXIS' strategy to drive profitable growth, as we were already deeply committed to these markets and had targeted them for further strategic expansion.
With more than $1 billion in premium and a highly regarded underwriting team, Novae's complementary portfolio provided AXIS valuable underwriting expertise and new classes of business, including in areas where Novae enjoyed a competitive advantage. It bolstered our standing in several of our existing lines, especially those we had earmarked for growth and investment. Today, through the integration of the two businesses, AXIS is a global leader in cyber, renewable energy and marine, among others.
The acquisition increases our relevance with strategic brokers, enabling us to drive more of our products through Novae's pre-existing distribution relationships. It will also boost the scale of Novae's products by leveraging AXIS' broad geographic platform and our presence in key global hubs. Further, Novae's underwriting team will now benefit from having the ability to write on AXIS paper, and more tools, support and resources to grow their business.
Through the acquisition, AXIS became a $6 billion (re)insurer. Improving market conditions render the transaction more financially compelling than initially expected.
As 2017 came to a close, AXIS is well along in the process of integration. Effective January 1, 2018, we commenced oversight and management of Novae's syndicates, under management of AXIS Managing Agency Ltd. We have initiated plans to consolidate our Lloyd's business into AXIS Syndicate 1686 by January 1, 2019.
Today, AXIS is a bigger, stronger player in both the London and international specialty markets, and is well positioned to drive further profitable growth in 2018.