DUBAI: Gulf Insurance Group (GIG) has completed the acquisition of AXA’s operations in the Gulf region after obtaining the necessary regulatory approvals from respective markets.
This transaction is marked as one of the largest insurance acquisitions in the region for a total cash consideration of $ 474.75 million, GIG said in a statement.
The acquisition agreement that was signed in late November 2020 included AXA’s shareholding in AXA Gulf (Bahrain, UAE, Oman & Qatar) and AXA Cooperative Insurance Company in Saudi Arabia.
The acquisition of AXA’s stake in AXA Green Crescent Insurance Company in UAE has been approved by all necessary regulatory authorities, including by the Central Bank of the UAE and is in the final stage of the completion process.
With this transaction, GIG also acquired Yousuf Bin Ahmed Kanoo Group of Companies’ (YBA Kanoo) shareholding in AXA Gulf. The transaction expands GIG’s insurance business portfolio, bringing the Group into two new markets in Oman and Qatar, and reinforces its operations in Bahrain, UAE and KSA.
With a presence in the region for over 70 years, AXA in the Gulf is the largest international composite insurer across five markets with a wide range of insurance products and services for corporate and individual customers.
The rebranding of AXA to GIG will take course during the next few months.