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AXA Med completes sale of stake in AXA GCIC to Gulf Insurance

AXA Med completes sale of stake in AXA GCIC to Gulf Insurance
AXA Green Crescent
GCIC
-4.53% 0.65 -0.03
GINS
GINS
0.22% 915.00 2.00

Mubasher: AXA Mediterranean Holding (AXA Med) has completed the sale of its 28.05% stake in AXA Green Crescent Insurance Company (AXA GCIC) to Gulf Insurance Group (GIG).

In early September, GIG has completed the acquisition of AXA’s operations in the Gulf region in exchange for $474.75 million, including AXA Gulf and AXA Cooperative Insurance Company in Saudi Arabia.

The acquisition of AXA’s stake in AXA Green Crescent Insurance Company in the UAE had been in the final stage of the completion process.