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Gulf Insurance Group completes acquisition deal for AXA operations in region

Gulf Insurance Group completes acquisition deal for AXA operations in region

Deal includes AXA’s shareholding in AXA Gulf, which entails operations in Bahrain, the UAE, Oman and Qatar; as well as AXA Cooperative Insurance Company Gulf Insurance Group (GIG) has completed the acquisition of AXA Group’s operations in the region. According to a statement on Tuesday, the deal includes AXA’s shareholding in AXA Gulf, which entails

Deal includes AXA’s shareholding in AXA Gulf, which entails operations in Bahrain, the UAE, Oman and Qatar; as well as AXA Cooperative Insurance Company

Gulf Insurance Group (GIG) has completed the acquisition of AXA Group’s operations in the region.

According to a statement on Tuesday, the deal includes AXA’s shareholding in AXA Gulf, which entails operations in Bahrain, the UAE, Oman and Qatar; as well as AXA Cooperative Insurance Company (KSA).

It added that, after the acquisition, AXA Gulf will hold 50 percent ownership in the Saudi Arabian entity.

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“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 (pictured below), group CEO of GIG.

AXA Gulf will be rebranded into GIG Gulf in the coming months, although the statement said: “The leadership team, organisation and people will not be affected and service levels for customers and partners will not change.”

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

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

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