AXA Gulf will be rebranded to GIG Gulf. Credit: Clker-Free-Vector-Images from Pixabay.

Gulf Insurance Group (GIG) has completed the acquisition of AXA’s operations in the region for a total cash consideration of $474.75m.

The deal, which was first announced in November 2020, includes AXA’s shareholding in AXA Gulf (Bahrain, UAE, Oman & Qatar), AXA Green Crescent Insurance Company, and AXA Cooperative Insurance Company (KSA).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

As part of the acquisition, GIG has also acquired Ahmed Kanoo Group of Companies’ (YBA Kanoo) shareholding in AXA Gulf.

GIG noted that this deal will expand its insurance business portfolio and mark its entry into two new markets, Oman and Qatar. It will also bolster the company’s presence in Bahrain, UAE, and Saudi Arabia.

As part of the deal, AXA Gulf will be rebranded to GIG Gulf in the next few months.

Gulf Insurance Group group CEO Khaled Saoud Al Hasan said: “This is a remarkable milestone in our expansion journey. The exponential insurance business growth and the quality of services will be further enhanced through our enlarged geographical presence (13 markets in the region) to better serve our customers while leveraging the existing international network and ecosystem of AXA Gulf.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

AXA Gulf CEO Paul Adamson said: “This new chapter will allow us to build our scale, capacity and footprint across the region and enable us to grow our competitive advantage through the creation of sustainable employment whilst supporting the local communities in which we operate.”

Last month, HSBC Insurance (Asia-Pacific) Holdings agreed to buy 100% of the issued share capital of AXA Insurance (AXA Singapore) for $575m.