AXIS CAPITAL HOLDINGS LIMITED (NYSE:AXS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.

Rule 2.7 Announcement

On July5, 2017, AXIS Capital Holdings Limited (“AXIS”) issued an announcement (the “Rule 2.7 Announcement”) to Rule 2.7 of the United Kingdom City Code on Takeovers and Mergers (the “City Code”) disclosing that AXIS and the board of directors of Novae Group plc (“Novae”), a public limited company incorporated in England and Wales, had agreed on the terms of a recommended cash offer of 700 pence per share (the “Offer”) to be made by AXIS (or, at AXIS’s election, a wholly-owned subsidiary of AXIS) for the acquisition of the entire issued and to be issued share capital of Novae (the “Acquisition”). The Offer values Novae’s issued and to be issued share capital at approximately £467.6million (approximately $604.1million based upon an exchange rate of 1.292 (the “Offer Consideration”)). The acquisition is to be effected by way of a scheme of arrangement (the “Scheme”) under the laws of the United Kingdom (“UK”) which requires the approval of a UK court and approval of a majority of Novae’s shareholders in number present in person or by proxy at a meeting to be convened in connection with the Scheme representing at least 75% of the votes cast. The Scheme is also subject to receipt of certain regulatory approvals and other customary conditions. AXIS (or, at AXIS’s election, a wholly-owned subsidiary of AXIS) reserves the right, subject to the consent of the UK Panel on Takeovers and Mergers, to effect the Acquisition by way of a takeover offer under the City Code (a “Takeover Offer”).

The Acquisition is expected to close in the fourth quarter of 2017.

The foregoing summary of the Offer and the Rule 2.7 Announcement do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the Rule 2.7 Announcement, which is attached as Exhibit 2.1 to this Current Report on Form 8-K and is incorporated herein by reference.

On July5, 2017, AXIS issued a press release announcing the terms of the Offer. The press release is furnished as Exhibit 99.1 hereto. A copy of an investor presentation regarding AXIS Capital’s proposed acquisition of Novae is available in the Investor Information section of AXIS Capital’s website at www.axiscapital.com.

The information in this Item 1.01 and Exhibit 99.1 is being furnished to Item 1.01 of Form 8-K and shall not be deemed to be “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

(d) Exhibits.

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Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of the U.S. federal securities laws, including statements related to the Offer and the anticipated closing of the Acquisition. In some cases, these statements can be identified by the use of forward-looking words such as “may”, “should”, “could”, “anticipate”, “expect”, “potential”, “intend” and similar expressions. These statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from our expectations. Important factors that could cause actual events or results to be materially different from our expectations include, with respect to the Offer and the Acquisition, the effect of the announcement of the Offer on our business relationships, operating results, share price or business generally; the occurrence of any event or other circumstances that could give rise to the termination or lapsing of the Offer; the outcome of any legal proceedings that may be instituted against us related to the Offer and/or the Acquisition; the failure to satisfy any of the conditions to completion of the Acquisition, including the receipt of all required regulatory approvals and antitrust consents; and the failure to realise the expected synergies resulting from the Acquisition. Other important factors that could cause actual events or results to be materially different from our expectations include (1)the cyclical nature of the re(insurance) business leading to periods with excess underwriting capacity and unfavorable premium rates, (2)the occurrence and magnitude of natural and man-made disasters, (3)losses from war, terrorism and political unrest or other unanticipated losses, (4)actual claims exceeding our loss reserves, (5)general economic, capital and credit market conditions, (6)the failure of any of the loss limitation methods we employ, (7)the effects of emerging claims, coverage and regulatory issues, including uncertainty related to coverage definitions, limits, terms and conditions, (8)our inability to purchase reinsurance or collect amounts due to us, (9)the breach by third parties in our program business of their obligations to us, (10)difficulties with technology and/or data security, (11)the failure of our policyholders and intermediaries to pay premiums, (12)the failure of our cedants to adequately evaluate risks, (13)inability to obtain additional capital on favorable terms, or at all, (14)the loss of one or more key executives, (15)a decline in our ratings with rating agencies, (16)the loss of business provided to us by our major brokers and credit risk due to our reliance on brokers, (17)changes in accounting policies or practices, (18)the use of industry catastrophe models and changes to these models, (19)changes in governmental regulations and potential government intervention in our industry, (20)failure to comply with certain laws and regulations relating to sanctions and foreign corrupt practices, (21)increased competition, (22)changes in the political environment of certain countries in which we operate or underwrite business including the United Kingdom’s expected withdrawal from the European Union, (23)fluctuations in interest rates, credit spreads, equity prices and/or currency values, and (24)the other factors set forth in our most recent report on Form 10-K, Form 10-Q and other documents on file with the Securities and Exchange Commission. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

No Offer or Solicitation

This Current Report on Form 8-K is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction to the Offer or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

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AXIS CAPITAL HOLDINGS LTD Exhibit
EX-2.1 2 d412687dex21.htm EXHIBIT 2.1 Exhibit 2.1 Exhibit 2.1 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION NOT FOR RELEASE,…
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About AXIS CAPITAL HOLDINGS LIMITED (NYSE:AXS)

AXIS Capital Holdings Limited is a holding company for the AXIS group of companies. The Company provides a range of specialty (re)insurance, through subsidiaries and branch networks- based in Bermuda, the United States, Canada, Europe, Australia and Singapore. It operates in two segments: AXIS Insurance and AXIS Re. Its insurance segment operates through offices in Bermuda, the United States, Canada, Europe, Australia and Singapore and offers specialty insurance products to various markets. Its insurance segment’s offerings include property, marine, terrorism, aviation, professional lines, liability and accident and health. Its reinsurance segment operates through offices in Bermuda, the United States, Switzerland, Singapore, Brazil, and Canada. The reinsurance segment provides non-life reinsurance to insurance companies. Its reinsurance segment’s offering include catastrophe; property; professional lines; credit and surety; motor; liability; engineering, and agriculture.