Share Name Share Symbol Market Type Share ISIN Share Description
Novae Grp LSE:NVA London Ordinary Share GB00B40SF849 ORD 112.5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 714.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
714.00 715.00 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonlife Insurance 677.80 23.70 34.30 20.8 460
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 714.00 GBX

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spob: Axis Capital to buy UK insurer Novae for £468m Acquisition by Bermuda-based group will leave just 3 listed Lloyd’s insurers on the LSE Financial Times by: Oliver Ralph in London July 6, 2017 Novae, one of the few remaining listed Lloyd’s insurers, is to be bought by Bermuda-based Axis Capital for £468m. The deal will leave just three specialist Lloyd’s insurers listed on the London Stock Exchange: Beazley, Hiscox and Lancashire. A number of deals in recent years has seen others such as Amlin and Brit bought by overseas rivals. Axis’ acquisition of Novae comes as the fall in sterling has made UK assets cheaper for overseas buyers. On Wednesday Worldpay, a payments processor, agreed to be bought by US-based Vantiv for £9.1bn. Axis will pay 700p per share for Novae, a 20 per cent premium to the share price on July 4 and a multiple of 1.5 times the company’s book value. Albert Benchimol, chief executive of Axis, said: “We are very pleased to announce this proposed acquisition of Novae, which will create [an approximately] $2bn player in the London specialty market, anchored as a top 10 insurer in the Lloyd’s market. The acquisition is fully aligned with Axis’s international specialty insurance growth strategy and will combine two highly complementary businesses, substantially enhancing our depth and breadth of product, underwriting expertise and leadership capabilities to better serve our clients and brokers.” This is not the first time that Axis has tried to expand through acquisitions. In 2015 it lost out in a bidding war for Partner Re, which was eventually sold to Exor, the investment vehicle of the Agnelli family, for $6.9bn. Novae has gone through a troubled period. The shares, which reached almost 850p last year, fell sharply after a profit warning last December, when the company said that a number of large individual losses would affect its results. It has long been talked of as a potential takeover target. John Hastings-Bass, chairman of Novae, said: “Over recent years, Novae has made significant progress on a standalone basis in developing its underwriting franchise and growing premiums in its targeted lines of business. However, it remains a relatively small player in a global industry. Axis is a substantial and successful business which represents an excellent partner for the Novae business, its customers and employees.” Axis was advised by Credit Suisse and Fenchurch Advisory Partners. Novae was advised by Evercore.
janeann: surprised at the decline in share price especially given todays comment ... The Company's outlook for the full year remains in line with previous guidance; as previously announced the Company will provide an update on Q3 trading on 9th November.
janeann: The share price action always seems surprising on NVA but the complete lack of response to what seems like a decent set of results is quite unbelievable.
tintin82: Catching up on various publications over the weekend and see Shares have a very positive article on M&A focussing on Novae. The sell-off in Lancashire’s (LRE) shares in early December 2015 may have prompted some investors to believe it could be next in line if a predator takes advantage of share price weakness. We don’t share this view, instead believing Novae (NVA) is the most likely of the four Lloyd’s underwriters left on the stock market to receive a bid. Buy at 869.5p.
janeann: well the share price has certainly been moved around a bit today. Nice to see it is finishing near where it started! Trying to force a few sells before the results perhaps?
typo56: janeann, they went ex-return of capital this morning. With the consolidation it effectively means that today you've sold 1/9th of your holding in return for 45p. In theory there will be little effect on the share price due to going ex today because it is about matched by the share value increase due to the consolidation. That's why it's done. It looks like some may have forgotten about the consolidation and sold this morning, thinking the price should have dipped 45p. A buying opportunity!
18bt: It depends on what the share price is on the ex-date. All other things being equal, the share price will be the current market cap - the distribution divided by the smaller number of shares. As the share price is going up, we're better off following the announcement.
janeann: return of capital of 45p /share plus a consolidation from 9 to 8 ordinary shares . this implies I am losing current share price minus 45p for every 9 shares held. can someone explain what clealry I am not undertsanding many thanks
asagi: what a poor reaction to what looked a very solid set of results this morning. profitable on the year with NTAV nearly 50% higher than the current share price. Dividend up 10%. Substantial talk of a capital return. Regards, Asagi (long TND)
18bt: Let's hope this report in the Sun Telegraph is confirmed: Novae set to merge Novae Insurance with Novae Syndicates Lloyd's of London insurer Novae Group is set to carry out a major restructuring that involves a merger of its two main divisions. By Ben Harrington Published: 6:48PM GMT 06 Dec 2009 Novae is expected to announce this morning that it will fold Novae Insurance, which provides cover to small and medium-sized businesses, into Novae Syndicates. Novae Syndicates underwrites through Lloyd's in areas such as property reinsurance, medical malpractice and political risk. The move is designed to free up about £60m of spare capital that is not being actively used by Novae Insurance. According to people familiar with the matter, the cash could be given back to shareholders or be used to for further insurance underwriting purposes. The restructuring process, though, is expected to take at least six months. Novae was formed from the underwriting group known as SVB, which suffered heavy claims after the bursting of the dotcom bubble. However, it was refinanced and reinvigorated under the leadership of Matthew Fosh, who has a strong following in the insurance market despite his background being in fixed income and equity derivatives. Mr Fosh co-founded derivatives broker Seagray Fosh in 1989, which he then sold in 2002 to inter-dealer broker Icap, which is run by the Conservative Party treasurer Michael Spencer. This November, Mr Fosh said Novae is "absolutely determined" to increase Novae's return on equity (ROE). It is hoped the restructuring should improve ROE over the next twelve months. Earlier this year, Novae made a takeover offer for rival Chaucer in attempt to improve its returns on capital. However, the takeover was aborted after both management teams failed to agree on terms. Mr Fosh subsequently set up Novae Re, a reinsurance unit focused on Europe and the Far East that should start underwriting in time for the January 1 renewal season. Indeed, Novae has already hired over ten experienced underwriters for its new resinsurance unit. Sources said that if the latest restructuring move helps boost Novae's share price the company could look at further acquisitions as the management is keen to participate in the consolidation of the sector. Novae, which has a market capitalisation of £202m, declined to comment.
Novae share price data is direct from the London Stock Exchange
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