Insurance giant AXA set to sell its Gulf business

Insurance giant AXA set to sell its Gulf business

Global insurance giant AXA announced on Monday that it has entered into an agreement with Gulf Insurance Group (GIG) to sell its insurance operations in the Gulf region.

The deal includes its shareholding in AXA Gulf, AXA Cooperative Insurance Company and AXA Green Crescent Insurance Company.

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.

GIG is a major insurer in the Gulf region, strengthened by the global footprint and insurance expertise of Fairfax, a financial holding company headquartered in Toronto, Canada, as well as the regional market knowledge of KIPCO, its shareholders.

Paul Adamson, CEO of AXA Gulf, said: “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.

Paul Adamson, CEO of AXA Gulf

"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.”

Khaled Saoud Al Hasan, Group CEO of Gulf Insurance