Following the announcement of AXA Group and Gulf Insurance Group “GIG”, the acquisition of AXA’s operations in the Gulf region by GIG has been completed. The transaction includes AXA’s shareholding in AXA Gulf (Bahrain, UAE, Oman & Qatar) and AXA Cooperative Insurance Company (KSA). After the acquisition, AXA Gulf will now hold 50% ownership in the Saudi Arabian entity.
In the coming months, the “AXA Gulf” brand will transition into “GIG Gulf”. The leadership team, organization and people will not be affected and service levels for customers and partners will not change.
“Thanks to the rigorous but efficient collaboration with local regulators in our five respective markets, we have been able to retain the integrity of our existing operations. We will continue to deliver on our promises with the same legal structure, organization, people and strategic focus. With the support of our new shareholders, this new chapter will allow us to build our scale, capacity and footprint across the region and grow our competitive advantage through the creation of sustainable employment whilst supporting the local communities in which we operate." Paul Adamson, CEO of AXA Gulf
The completion of this transaction strengthens GIG’s overall footprint in the region. “On behalf of the GIG family, we are delighted to welcome our new colleagues from AXA Gulf and AXA KSA. The successful completion of this transaction reinforces the continuous commitment to our strategic direction and strengthens our positioning to become one of the largest insurance players in the MENA region. The exponential insurance business growth and the quality of services will be further enhanced, and our valued customers will experience a strengthened client-centric service.” said Khaled Saoud Al Hasan, Group CEO of Gulf Insurance Group.
GIG is a leading insurer in the MENA region supported by the global reach and insurance expertise of Fairfax, a financial holding company headquartered in Toronto, Canada, as well as the regional market knowledge of KIPCO, its shareholders.
With this transaction, GIG also acquired Yousuf Bin Ahmed Kanoo Group of Companies’ (YBA Kanoo) shareholding in AXA Gulf and in AXA Cooperative Insurance Company.
Fawzi Ahmed Kanoo, Deputy Chairman of YBA Kanoo commented: “Our company has witnessed the evolution and growth of AXA in the Gulf Region over the past 70 years. With this transaction now complete, we are proud to see the beginning of a new chapter for this organisation under a new brand and strengthened footprint with powerful new shareholders. Our business activities will remain insured by the new entity as we are fully confident of a successful future!”
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AXA Group is a worldwide leader in Insurance and Asset Management. In the Gulf region, AXA has been present for over 70 years, offering a wide range of insurance products and services for corporate, SME and individual customers.
AXA in the Gulf is one of the largest international players in the GCC, covering the UAE, Oman, Bahrain and Qatar markets, with a workforce of over 800 employees, 15 branches and retail shops region-wide and over 1 million customers. With a range of products and services tailored to each customer, covering property & casualty insurance and life & health insurance, AXA in the Gulf is a multi-lined one-stop shop insurer.
Additionally, AXA is focused on helping the world better face climate risk, whilst also extending protection and risk knowledge to the public, in an effort to contribute to global economic development and become a trusted partner for customers in the region.
Recognised as a leading insurance brand, AXA has been winning several awards for its quality of services and products. For more information visit www.axa.ae
Gulf Insurance Group
Gulf Insurance Group is the largest insurance Group in Kuwait in terms of written and retained premiums, with operations in life and non-life as well as Takaful insurance. Gulf Insurance has become one of the largest insurance networks in the Middle East and North Africa with companies in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Syria, Iraq, Lebanon, Saudi Arabia and Emirates. Its reported consolidated assets stand at US$ 2.66 billion as at 30 June 2021.
KIPCO – Kuwait Projects Company – is Gulf Insurance Group’s largest shareholder, followed by the Canadian-based Fairfax Financial Holding Ltd.
Gulf Insurance Group enjoys the privilege of being the first triple-rated insurance group in Kuwait. The Group holds a Financial Strength Rating of ‘A’ (Excellent) and issuer credit rating of ‘a’ having an Outlook, Under review with developing implications from A.M. Best Europe – Rating Services Limited, a Financial Strength Rating of A- with Developing outlook from Standard & Poor’s and an Insurance Financial Strength Rating (IFSR) of ‘A3’ from Moody’s Investors Service carrying a negative outlook.
© Press Release 2021
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