Thursday 7 July 2022

Gulf Insurance Group acquires AXA’s Gulf business

DUBAI, September 7, 2021

AXA Group, a leader in insurance and asset management, and Gulf Insurance Group (GIG) have announced that the acquisition of AXA’s operations in the Gulf region by GIG has been completed.

 The transaction includes AXA’s shareholding in AXA Gulf (Bahrain, UAE, Oman & Qatar) and AXA Cooperative Insurance Company (KSA).After the acquisition, AXA Gulf will now hold 50% ownership in the Saudi Arabian entity.    

In the coming months, the “AXA Gulf” brand will transition into “GIG Gulf”. The leadership team, organization and people will not be affected and service levels for customers and partners will not change.    

“Thanks to the rigorous but efficient collaboration with local regulators in our five respective markets, we have been able to retain the integrity of our existing operations. We will continue to deliver on our promises with the same legal structure, organization, people and strategic focus,” said Paul Adamson, CEO of AXA Gulf.                

“With the support of our new shareholders, this new chapter will allow us to build our scale, capacity and footprint across the region and grow our competitive advantage through the creation of sustainable employment whilst supporting the local communities in which we operate."

The completion of this transaction strengthens GIG’s overall footprint in the region.

“On behalf of the GIG family, we are delighted to welcome our new colleagues from AXA Gulf and AXA KSA. The successful completion of this transaction reinforces the continuous commitment to our strategic direction and strengthens our positioning to become one of the largest insurance players in the MENA region. The exponential insurance business growth and the quality of services will be further enhanced, and our valued customers will experience a strengthened client-centric service,” said Khaled Saoud Al Hasan, Group CEO of Gulf Insurance Group.    

GIG is a leading insurer in the Mena region supported by the global reach and insurance expertise of Fairfax, a financial holding company headquartered in Toronto, Canada, as well as the regional market knowledge of KIPCO, its shareholders.

With this transaction, GIG also acquired Yousuf Bin Ahmed Kanoo Group of Companies’ (YBA Kanoo) shareholding in AXA Gulf and in AXA Cooperative Insurance Company.    

Fawzi Ahmed Kanoo, Deputy Chairman of YBA Kanoo commented: “Our company has witnessed the evolution and growth of AXA in the Gulf Region over the past 70 years. With this transaction now complete, we are proud to see the beginning of a new chapter for this organisation under a new brand and strengthened footprint with powerful new shareholders. Our business activities will remain insured by the new entity as we are fully confident of a successful future!” – TradeArabia News Service


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