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.
© Press Release 2020