Bermuda-based specialty lines insurer Axis Capital has improved its all-cash offer for London-based underwriter Novae Group to £477.6 million ($775 million), up from £467.6 million ($759 million).

“By offering Novae shareholders an improved cash offer, Axis aims to bring certainty to the transaction,” Axis CEO and President Albert Benchimol said. “We believe our final bid represents compelling and full value for Novae.

“This acquisition is fully aligned with Axis Insurance’s international specialty insurance growth strategy and will combine two highly complementary businesses.”

Axis’ final offer is $7.15 ($11.60) per share. The board of London-listed Novae has backed the improved bid.