AXA LM to Acquire a Majority Stake in EmiratesRe

AXA Liabilities Managers (AXA LM), announced that it has entered into an agreement to acquire a majority stake in EmiratesRe, once the largest independent international Islamic reinsurer handling Retakaful business.

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.

“We are delighted to pursue our external development with the acquisition of EmiratesRe. 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.” – CEO of AXA Liabilities Managers, Sylvain Villeroy de Galhau.

“We are very pleased to have found an agreement with AXA Liabilities Managers that provides us with a favorable 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.” –  Chairman of the Board – EmiratesRe, Jonathan Cimino.

The deal is subject to approval of the Dubai Financial Services Authority.