French insurer AXA’s Gulf operations taken over by GIG
AXA Gulf will, however, retain 50% in its Saudi venture post-deal
Dubai: The Gulf Insurance Group has completed the acquisition of AXA Group’s operations in the Gulf region. The transaction includes AXA’s shareholding in AXA Gulf (Bahrain, UAE, Oman and Qatar) and AXA Cooperative Insurance Company (in Saudi Arabia). After the acquisition, AXA Gulf will now hold 50 per cent ownership in the Saudi Arabian entity.
While ‘AXA Gulf’ will now be rebranded as ‘GIG Gulf,’, the management and organization 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,” said Paul Adamson, CEO of AXA Gulf, in a statement. “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.”
As part of the deal, GIG, part-owned by Canada’s Fairfax, also acquired Yousuf Bin Ahmed Kanoo Group of Companies’ (YBA Kanoo) shareholding in AXA Gulf and in AXA Cooperative Insurance Company “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.
“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,” said Fawzi Ahmed Kanoo, Deputy Chairman of YBA Kanoo. AXA and YBA Kanoo are among the Top 5 insurers in the Gulf and collectively serve over 1 million customers through more than 30 branches and sales outlets spread across Saudi Arabia, the UAE, Bahrain, Oman and Qatar.