Specialty lines insurer Axis Capital will proceed with its all-cash £477.6 million ($781.47 million) acquisition of Novae Group, after the target’s shareholders voted in favour.

“The acquisition of Novae accelerates the growth strategy of our international insurance business … while significantly scaling up our capabilities and enabling Axis to even better serve our clients and brokers,” Axis CEO and President Albert Benchimol said.

“We are excited by the possibilities this presents and look forward to welcoming the Novae team as we work together to achieve our shared ambitions.”

About 99.97% of Novae shareholder votes cast at last week’s meeting backed Axis’ improved offer.

Bermuda-based Axis’ previous offer valued Novae at £467.6 million ($765.42 million). The transaction is expected to close in the fourth quarter.