AXIS Capital, a Bermuda-based specialty insurer and reinsurer, completed the acquisition of Novae Group, an insurance underwriting company headquartered in London, for $611m. The transaction advances AXIS’ strategy to hold leadership positions and scale in each of the specialty risk markets in which it competes. Additionally, Novae’s portfolio complements AXIS’ existing book of business, allowing the new entity to write new and larger lines and benefit from an expanded distribution platform.