Specialist run-off acquirer and manager AXA Liabilities Managers has finalised its previously-announced 92.68% majority stake acquisition of the Retakaful business Emirates Re.
Gross reserves of the Emirates Re total $69 million and are composed mostly of Middle East & North African, Asian and Indian-based property, motor, accident, energy and marine risks.
Conducted by AXA LM’s investment vehicle AXA DBIO which invests in run-off portfolios and companies, the Change of Control was approved on August 19 by the Dubai Financial Services Authority.
Upon first announcing the deal in July, Sylvain Villeroy de Galhau, Chief Executive Officer of AXA LM said, “We are delighted to pursue our external development with the acquisition of Emirates Re.”
“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,” he added.
This newly-completed deal follows AXA LM’s recent Gothaer Re run-off portfolio acquisition, completed on June 26.
