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.
Gross reserves of the Retakaful business total $69mn and composed mostly of Middle East & North African, Asian and Indian-based property, motor, accident, energy and marine risks.
This follows AXA LM’s recent Gothaer Re run-off portfolio acquisition completed on 26 June.
Sylvain Villeroy de Galhau, CEO 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.”
Jonathan Cimino, chairman of the board at Emirates Re added: “We are very pleased to have found an agreement with AXA Liabilities Managers that provides us with a favourable 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 ensuring continuity for our cedants.”