In a deal that includes its stake in 3 companies
AXA Insurance sells its operations in the Gulf region
AXA Insurance Company (AXA) announced that it has concluded an agreement with the Gulf Insurance Group to sell its insurance operations in the Gulf region, which includes its shares in “AXA Gulf”, “AXA Cooperative Insurance” and “AXA Hilal” companies. Green Insurance ».
A statement issued yesterday stated that, as part of this deal, "Yusef Bin Ahmed Kanoo Group" will sell;
It is one of the largest family businesses in the Gulf region. It also has shares in "AXA Gulf" and "AXA Cooperative Insurance".
The statement emphasized that the deal is subject to customary closing conditions, including obtaining regulatory approvals, and is expected to be completed by the third quarter of 2021. “AXA Gulf’s CEO, Paul Adamson, said:“ I and my colleagues in the AXA management team are pleased with me in The Gulf is to see in the new investors this commitment and a strong presence in the region through (Gulf Insurance Group), which is supported by (Fairfax) International Company in the field of insurance.
Adamson expressed his confidence that this investment will allow for continued consolidation of success, expansion of product offerings, and improvement of the quality of services for customers, partners and employees.
In turn, the CEO of Gulf Insurance Group, Khaled Saud Al-Hassan, said that AXA in the Gulf region is the largest global insurance company present in five markets, pointing out that there are many aspects of complementarity between the company's business and the group.
He added, “We have the same ambition to become the largest regional player in the GCC countries.
We believe that there is enormous potential for growth in this region, given the opportunities offered by the local market, strong expertise and technological excellence, and the diversity of human capital enjoyed by a company like AXA. ”
It is noteworthy that «Gulf Insurance Group» is a company specialized in providing insurance services in the Gulf and the Middle East. It gains its position from the global presence and strong insurance expertise of Fairfax International Holding Company, headquartered in Toronto, Canada, in addition to the experience of Kuwait Projects Holding Company KEPCO) in the regional market, the two largest shareholders of the group.
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