Mubasher: AXA, one of the largest global insurers, has inked an agreement with Gulf Insurance Group (gig) to sell its insurance businesses in the Gulf region, including AXA Gulf, AXA Cooperative Insurance Company, and AXA Green Crescent Insurance Company.

gig is a leading insurer in the Gulf region, strengthened by the global and insurance portfolio of Fairfax, a financial holding company headquartered in Toronto in Canada, and the regional market expertise of KIPCO, according to a press release on Monday.

Under the agreement, Yusuf Bin Ahmed Kanoo (YBA Kanoo), one of the largest conglomerates in the Gulf Region, will sell its share in AXA Gulf and AXA Cooperative Insurance Company.

Expected to close in the third quarter (Q3) of 2021, the transaction is subject to customary closing conditions, including the receipt of regulatory approvals.

The CEO of AXA Gulf,  Paul Adamson, said: "We are confident that this investment will enable us to build on our success story, further expand our product offering and enhance the quality of services to customers, partners and our employees."

The Group CEO of Gulf Insurance Group, Khaled Saoud Al Hasan, commented: "We see huge growth potential in this region, both due to the local market opportunities and the strong expertise, technical excellence, and diversity of the human capital that comes with a player such as AXA."