Dubai, UAE : AXA Gulf, one of the region’s largest insurers, recently acquired by GIG (Gulf Insurance Group), announced today that AM Best has assigned it a Financial Strength Rating (FSR) of “A” (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent). The outlook assigned to these Credit Ratings (ratings) is stable.
AM Best’s ratings reflected the Company’s balance sheet strength, which was assessed as very strong with conservative asset allocation, low reliance on reinsurance and prudent reserving practices.
Paul Adamson, CEO, said: “This is a first important step and confirms the financial strength and resilience of the business as we transition to GIG. This is a testament to GIG’s vision and leadership, which recently acquired AXA’s operation in the Gulf region, turning GIG into the largest regional composite insurer.”
“This is a key building block in our long-term commitment to customers and partners across the Gulf. Our regional operations will remain focused on delivering the highest quality of service along with strong technical results and a continued appetite to retain risk.”
The stable outlooks factor in the expectation that AXA Gulf's operating performance will remain strong and enterprise risk management will continue to remain appropriate as the GIG integration moves forward following last month’s acquisition.
Gulf Insurance Group K.S.C.P. (GIG) is backed by Fairfax and KIPCO, 2 strong international shareholders that are leading many success stories in the insurance industry. The acquisition reinforced GIG’s strategic vision and furthered its ambition to become one of the largest insurance players in the MENA region. AM Best acknowledged that AXA Gulf is well-positioned to execute its strategy within its new organisational structure.
For the full report from AM Best: https://bit.ly/3aHaFKC
About AXA Gulf:
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
About 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.
FOR MORE INFORMATION:
Head of Marketing, Brand & Communication
+971 4 447 6181
Senior Account Director
+971 4 445 4260
© Press Release 2021