Specialist run-off acquirer and manager AXA Liabilities Managers has signed its 19th acquisition on the external market with the purchase of a majority stake in Dubai-headquartered Emirates Re.
“We are delighted to pursue our external development with the acquisition of Emirates Re,” said Sylvain Villeroy de Galhau, Chief Executive Officer (CEO), AXA LM.
Gross reserves of the Retakaful business total $69 million and composed mostly of Middle East & North African, Asian and Indian-based property, motor, accident, energy and marine risks.
“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.”
This follows AXA LM’s recent Gothaer Re run-off portfolio acquisition completed on June 26.
“We are very pleased to have found an agreement with AXA Liabilities Managers that provides us with a favourable outcome for all stakeholders involved,” added Jonathan Cimino, Chairman of the Board, Emirates Re.
“By working with a professional run off acquirer such as AXA LM, we have been able to fulfill our dual objectives of achieving a structured exit for our shareholders whilst ensuring continuity for our cedants.”