Bermudian-based Axis Capital Holdings Ltd has completed its acquisition of Lloyd’s insurer Novae Group after the takeover received clearance from regulators including the European Commission.

The acquisition creates a $2 billion insurer in London and a top ten re/insurer at Lloyd’s, with total global gross written premiums of $6 billion, based on 2016 actual results.

Novae originally agreed in July to be bought by Axis for $604 million. But a shareholder revolt halted that deal, with many saying the price undervalued Novae.

The deal was struck after Axis increased its offer to $611.4 million.

Matthew Fosh, Novae’s chief executive officer, will become Axis Capital’s executive chairman, Europe, and will report to Albert Benchimol, the CEO of Axis.

Novae will adopt the Axis brand and its insurance business will be merged into Axis’s international insurance division, led by its CEO, Mark Gregory, who reports to Pete Wilson, CEO of Axis Insurance.

Alistair Robson, chief underwriting officer at Axis Insurance International, will become CUO, property and casualty, in the combined organisation, and Robert Forster, CUO at Novae, will be CUO, specialty lines.

Novae’s reinsurance business will be merged into Axis Re and will form the core of the firm’s London reinsurance business, led by Richard Milner, CUO of AXIS Re London and APAC.

Mr Benchimol said: “Acquiring Novae greatly adds to the scale and breadth of our international business and also underscores our commitment to London and to Lloyd’s, which continues to be the pre-eminent market for specialty risks.

“Novae is known for its market-leading underwriting talent, which we expect will thrive at Axis. Our goal is to bring out the best in both firms as we become one organisation that is even stronger together.”

Mr Fosh said: “Both companies share similar values and priorities — we are specialty businesses that place a high priority on our clients and employees.

“Our culture fosters innovation and entrepreneurialism, and I expect that to continue as we bring together the best of our two companies.”