AXA Group’s specialist run-off acquirer and manager has acquired a majority stake in local insurer Emirates Re.
Emirates Re, an Islamic reinsurer handling Retakaful business operates from the Dubai International Financial Center (DIFC). The firm’s gross reserves total $69 million and are essentially composed of Middle East & North African, Asian and India-based property, motor, accident, energy and marine risks.
The acquisition by AXA Liabilities, a mid-sized unit of French insurer Axa Group, is subject to the approval of the Dubai Financial Services Authority (DFSA) and will be made through AXA Liabilities Managers’ investment vehicle.
AXA Liabilities Managers said its strategy now focuses on accelerating finality for liabilities under management and acquiring non-AXA portfolios.
Sylvain Villeroy de Galhau, CEO of AXA Liabilities Managers, said: “This transaction, which demonstrates our great responsiveness and ability to adapt to new markets and diverse types of business, further fuels our ambition as a run off acquirer and our appetite for new deals.”
Jonathan Cimino, chairman of the board of Emirates Re, also commented: “By working with a professional run off acquirer such as AXA LM, we have been able to fulfil our dual objectives of achieving a structured exit for our shareholders whilst ensuring continuity for our cedants.”