UAE: AXA LM acquires majority stake in Emirates Re

Source: Middle East Insurance Review | Sep 2018

AXA Liabilities Managers (AXA LM), a unit of AXA Group, has acquired a majority stake in Emirates Re, once the largest independent international Islamic reinsurer handling retakaful business.

AXA LM, which specialises in the acquisition and management of legacy insurance and reinsurance business, said in a statement that purchase was its 19th transaction on the external market and its first with a UAE company. It did not disclose the value of the deal or the size of the stake.

Emirates Re, based in the DIFC, has gross reserves of $69m comprising property, motor, accident, energy and marine risks in the MENA region, as well as India.

“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 runoff acquirer and our appetite for new deals,” said AXA LM CEO Sylvain Villeroy de Galhau. M

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