Magazine date:
Mar 2005 AXA and Norwich Union have proceeded to the merger of their activities in the Middle East by creating a new company called AXA Gulf.
With 300 employees and 10 offices spread throughout the region, and 100 million USD in premiums forecasts, the new entity should be one of the most important companies operating in the Middle East.
Its capital is evenly shared by AXA and Yousuf Bin Ahmed Kanoo Group of Bahrain, owner of Norwich Union local branch.
AXA Gulf will start operating in the Gulf area in July 2005 and later on in January 2006 in Saudi Arabia where the market is expected to double or even triple in the few coming years according to its manager Didier Boussemart.