AXA closes $69m Emirates Re deal
AXA Group's specialist run-off acquirer and manager has completed the purchase of a 93 percent majority stake in Emirates Re, with a total of $69 million gross reserves.
AXA Liabilities Managers (AXA LM) received approval from the Dubai Financial Services Authority (DFSA) on Aug. 19. The deal was first announced in July.
Emirates Re was one of the largest independent international Islamic reinsurer handling Retakaful business, mainly underwriting property, motor, accident, energy and marine risks.
“We are very pleased to have finalized this significant acquisition on a new market in a very short timeframe,” said Sylvain Villeroy de Galhau, CEO of AXA LM.
AXA Liabilities Managers said its strategy now focuses on accelerating finality for liabilities under management and acquiring non-AXA portfolios.
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