Paris, September 17th, 2018
AXA Liabilities Managers successfully completes the purchase of a 92,68% majority stake in Emirates Re, once the largest independent international Islamic reinsurer.
The specialist run-off acquirer and manager AXA Liabilities Managers (AXA LM) just announced it finalized the acquisition of a majority stake in Emirates Re on September 10, 2018. This follows the agreement signed between the parties on July 17, 2018. 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, 2018 by the Dubai Financial Services Authority (DFSA).
Emirates Re, once the largest independent international Islamic reinsurer handling Retakaful business, mainly underwrote Property, Motor, Accident, Energy and Marine risks.
Through this transaction, AXA LM acquires 92,68% of Emirates Re’s shares, with a total of 69 million US dollars gross reserves.
Founded in 2001 to proactively manage AXA’s non-life reinsurance liabilities, AXA LM confirms a 19th acquisition on the external market and the 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 very pleased to have finalized this significant acquisition on a new market in a very short timeframe. The regulatory approval went smoothly, which demonstrates AXA LM’s credibility as an acquirer on the international run-off market.” Sylvain Villeroy de Galhau, CEO – AXA Liabilities Managers