In a step that is expected to elevate its position within the UAE insurance market, Green Crescent Insurance Company [GCIC]- a leading group health and life insurance company- today formally announced the commencement of the strategic alliance with AXA- one of the largest insurers in the world- and Kanoo Group, a leading family-owned business in the Gulf Region.
The strategic alliance involves an investment of AED 100 million via a convertible bond instrument, pushing GCIC´s capital to AED 200 million upon conversion. The bonds are expected to convert within 12 months to 100 million shares – each share valued at AED 1. This investment will pave the way for GCIC to expand its life insurance business while optimizing its product offering in the health insurance segment.
The board of directors of GCIC also announced the appointment of Mr Hassen Bennour as the new CEO of GCIC. Mr Bennour was previously the Head of Strategy and Corporate Development for AXA in the Gulf. He has over 13 Years of insurance and investment management experience in financial and operational leadership positions.
Nathan Kennedy, Managing Director of GCIC, said: "The strategic alliance between Green Crescent Insurance Company and AXA and Kanoo Group marks an important milestone for the company and a significant step in the local insurance sector. This alliance will combine the local market expertise of Green Crescent with the global knowhow and technical capabilities of AXA, with Kanoo´s extensive regional footprint to create a unique platform for growth. We are confident that this alliance will offer Green Crescent the opportunity to expand its market share, grow its margins and provide significant value generation for our shareholders."
Mr. Kennedy also announced: "On Behalf of the Chairman and the Board of Directors, we are pleased to announce the appointment of Mr Hassen Bennour as the new CEO of Green Crescent. Mr Bennour´s in-depth market expertise and domain knowledge as well as his leadership skills will certainly help in spearheading Green Crescent´s growth in this exciting phase of our development as a company."
The company will continue to accelerate its growth and development while providing health and life insurance solutions in the UAE.
AXA Green Crescent Insurance Company (AXA Green Crescent) is part of AXA Group, a worldwide leader in insurance and asset management. Headquartered in Abu Dhabi, AXA Green Crescent has been created post a strategic alliance between AXA Group, Kanoo Group and Green Crescent Insurance Company (GCIC). GCIC was founded in 2008 as a public joint stock company to provide tailor-made health and life insurance solutions to groups and corporate clients. AXA Green Crescent now aims to offer life protection and savings solutions to customers in the UAE, making AXA Gulf a one stop shop for all insurance needs.
AXA in the Gulf