Insurance giant AXA set to sell its Gulf business

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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.

Source: Insurance giant AXA set to sell its Gulf business - Arabianbusiness


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