Paris, July 16th, 2018
AXA Liabilities Managers acquires a majority stake in Emirates Re, once the largest independent international Islamic reinsurer AXA Liabilities Managers confirms 19th transaction on the external market
The specialist run-off acquirer and manager, AXA Liabilities Managers (AXA LM), announced today that it has entered into an agreement to acquire a majority stake in Emirates Re. Emirates Re, once the largest independent international Islamic reinsurer handling Retakaful business, operates from the Dubai International Financial Center (DIFC). Gross reserves total $69Million and are essentially composed of Middle East & North African, Asian and Indian-based Property, Motor, Accident, Energy and Marine risks.
This Change of Control is subject to the approval of the Dubai Financial Services Authority (DFS A) and will be made through AXA Liabilities Managers’ investment vehicle.
Founded in 2001 to proactively manage AXA’s non life reinsurance liabilities, AXA LM signs its 19th acquisition on the external market and its first with a UAE based company. AXA LM , whose strategy now focuses on accelerating finality for liabilities under management and acquiring non AXA portfolios, confirms its position as a partner of choice on the international run off acquisition scene.
“ 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 de als.” Sylvain Villeroy de Galhau, CEO – AXA Liabilities Managers.
“We are very pleased to have found an agreement with AXA Liabilities Manage rs that provides us with a favo rable outcome for all stakeholders involved. 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 ensuri ng continuity for our cedants. ” Jonathan Cimino, Chairman of the Board – Emirates Re.
Norton Rose Fulbright Dubai’s Corporate, M&A and Securities team led by partner Adjou Ait Ben Idir, acted as advisor for this transaction.