A proposed takeover of Novae by Axis Capital would leave only three publicly listed specialist insurers at Lloyd's of London. The $604m deal will mean only Lancashire, Beazley and Martin will remain of the London Stock Exchange-listed companies on the long-established market. The largest investor in Novae, Neptune Investment Management, has complained that the merger undervalues the target firm. Shares in Novae soared as investors bet an improved offer would be made. Shares of the other three listed Lloyd's companies also rose.
A proposed takeover of Novae by Axis Capital would leave only three publicly listed specialist insurers at Lloyd's of London. The $604m deal will mean only Lancashire, Beazley and Hiscox will remain of the London Stock Exchange-listed companies on the long-established market. The largest investor in Novae, Neptune Investment Management, has complained that the merger undervalues the target firm. Shares in Novae soared as investors bet an improved offer would be made. Shares of the other three listed Lloyd's companies also rose.