AXA Insurance Gulf to invest $60m in Mideast
Dubai, October 18, 2012
AXA Insurance Gulf, a leading non-life international insurer in the region, will invest $60 million as part of its expansion plans in the Middle East.
Speaking on the occasion of the inauguration of the company’s new offices for the UAE and regional operations at the Business Bay development in Dubai, Jérôme Droesch, CEO of AXA Insurance Gulf, said: “This office will play a pivotal role in our future plans, where we are looking at a whopping $60 million investment over the next three years.”
The opening of the Business Bay office comes amidst an impressive growth period for AXA Insurance Gulf, which recorded a 25 per cent growth in premium in the first six months of 2012, a statement said.
The company is on an aggressive expansion plan with total employee strength likely to touch 800 across the GCC by the end of 2012. A total of 132 new employees will be recruited this year, including 54 GCC nationals, it said.
The company also announced its plans to have 22 branches by the end of 2012, to further build on its market leadership across the Middle East.
“We have grown from strength to strength every year, emerging stronger and more determined. In few years, AXA Gulf has grown from a small team of 150 employees to over 800 employees across the GCC, servicing in excess of 500,000 clients,” said Droesch.
The office, located at Level 39 & 40, Churchill Executive Tower in Business Bay, is AXA Gulf’s fifth branch in the UAE. The office will have an employee strength of 150 where the entire range of AXA’s commercial lines will be served there except for the personal lines that will be still handled at the Wafi branch, said a statement.
The office was inaugurated by Alain Azouaou, the Ambassador of France to the UAE, and Mishal Kanoo, deputy chairman of the Kanoo Group, dignitaries and officials from AXA Insurance Gulf.
Droesch said: “Our success is mainly attributed to our efforts to delight our customers by surpassing expectations. We value our customers and their needs, and ensure that they receive timely advice, assistance and care that they deserve – and we are confident that the new office, with its prime location and broad range of commercial portfolio across sectors, will effectively cater to all insurance needs, be it individual, commercial or SMEs.”
The opening of the new office also coincided with AXA Insurance Gulf completing two decades of excellence in Dubai and over 60 years in the GCC. – TradeArabia News Service