UAE, Dubai: AXA announced today that it has entered into an agreement with Gulf Insurance Group (“gig”) to sell its insurance operations in the Gulf region, which includes its shareholding  in AXA Gulf, AXA Cooperative Insurance Company and AXA Green Crescent Insurance Company.

gig is a leading insurer in the Gulf region, strengthened by the global footprint and insurance expertise of Fairfax, a financial holding company headquartered in Toronto, Canada, as well as the regional market knowledge of KIPCO, its shareholders.

As part of the transaction, Yusuf Bin Ahmed Kanoo (“YBA Kanoo”), one of the largest conglomerates in the Gulf Region, will also sell its shareholding  in AXA Gulf and in AXA Cooperative Insurance Company.

“Myself and the management team of AXA in the Gulf region are delighted that our new investors have a strong commitment and established footprint in the region through gig complemented by the global Insurance brand of Fairfax. 

“We are confident that this investment will enable us to build on our success story, further expand our product offering and enhance the quality of services to customers, partners and our employees. Our cultures are closely aligned, with experienced leadership teams and successful long term partnerships focused on protecting what matters most for our individual and corporate customers.

“This new and promising chapter in our story of 70 years in the region will create more value as we become one of the largest players in GCC.”  said Paul Adamson, Chief Executive Officer of AXA Gulf.

“AXA in the Gulf region is the largest international composite insurer across 5 markets. There are synergies and complementarity in our respective footprints and a clear ambition to become the largest regional player in the GCC. We see huge growth potential in this region, both due to the local market opportunities and the strong expertise, technical excellence, and diversity of the human capital that comes with a player such as AXA.” said Khaled Saoud Al Hasan, Group CEO of Gulf Insurance Group. 

The transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to close by 3Q 2021.

Send us your press releases to

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.