Executive Chair, Europe
Following the acquisition, Novae CEO Matthew Fosh will become AXIS Capital’s Executive Chair, Europe, and will report to AXIS Capital President and CEO Albert Benchimol. Novae will adopt the AXIS brand and its insurance business will be merged into AXIS’ international insurance division, led by its CEO, Mark Gregory, who reports to Pete Wilson, CEO of AXIS Insurance.
Chief executive Matthew Fosh (pictured) said: “We have completed the underwriting transformation of Novae into a focused Lloyd’s business, which has included the withdrawal from certain Casualty classes where we deem future profitability to be unsustainable.“The soft market, several years in the making, is now entrenched, and combined ratios above 100% will be commonplace. Establishing a point of differentiation in today’s market is critical – the group’s strategy over the past three years has been to pursue that goal.”