AXA Gulf plans regional expansion
Manama, April 15, 2010
AXA Gulf, a leading insurance company, is set for further expansion across the Middle East, including a major move into the Saudi Arabian market.
The firm is the regional operation of one of the world's largest non-life insurance organisation.
The company, which can trace its beginnings to the setting up of a joint partnership between Norwich Union and the Yusuf bin Ahmed Kanoo Group in Bahrain in 1950, yesterday celebrated its 60th anniversary at a reception at the Gulf Hotel.
"I confess that when our family first became involved in insurance in 1950 I was still a young boy," said Kanoo Group managing director Khalid Kanoo.
"I soon realised that insurance was one of the businesses that just kept getting bigger. We seemed to insure everything that moved, and everything that didn't. "We were always careful to make sure we have had insurance professionals running the business," he said.
"Our achievements have always been measured by the success of our clients, and we are pleased to offer creative ideas, global reach and highly flexible service capabilities, especially in Bahrain," said AXA Gulf chief executive officer Jean-Louis Laurent Josi.
"While we recognise that the economy is experiencing a time of extraordinary change, we will continue to invest in our future and use our 60 years of strength and experience to help our clients with customised insurance solutions and help emerge stronger than ever.
"The company has achieved a strong performance in spite of the challenging times for the business with over $446 million in Gulf wide premiums, made possible thanks to its business model, the trust clients have by placing their risk with the company and the fact that the growth plans have been ably supported with its strong partnership with the Kanoo family," he added.
"The last 60 years have seen us build trust and promote the importance of insurance in Bahrain and the GCC," said Kanoo Group chairman Abdullah Kanoo.
"We are dedicated to combining all the resources of our companies and foundations to bring a better life to the people in our operating areas and beyond," he added.
The company is not only marking a milestone year in the kingdom but also the beginning of a new era of possibilities in the region and beyond, according to AXA Mediterranean and Latin America chief executive officer Jean-Laurent Granier.