AXA Sells GCC Insurance Operations to GIG

Published December 1st, 2020 - 07:00 GMT
AXA Sells GCC Insurance Operations to GIG
The transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to close by Q3 2021. (Shutterstock)
Insurance firm AXA on Monday said it has sold its business in the Gulf to Gulf Insurance Group (GIG) for an undisclosed amount.
 

The company said in a press statement on Monday that it has sold AXA Gulf, AXA Cooperative Insurance Company and AXA Green Crescent Insurance Company to GIG.

The transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to close by Q3 2021.

As part of the transaction, Yusuf Bin Ahmed 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,” said Paul Adamson, CEO of AXA Gulf.

GIG is a public shareholding company listed on Boursa Kuwait.

“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,” he said.

“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.


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