GCM, an alternative asset management arm of Kuwait-based Global Investment House (Global), and other shareholders together owned 75% shareholding in Emirates Retakaful.
Commenting on the transfer, Global Investment House CEO and GCM managing partner Sulaiman Mohammed Al-Rubaie said: “We are extremely delighted to have completed this exit and provide our investors with liquidity in such challenging geopolitical and economic environment and the challenges the Retakaful has faced including regulatory changes in the regional markets and the down term in the international market in the last decade due to the overcapacity in the reinsurance market.
“We are proud to have successfully attracted international players into the regional re-insurance sector, thanks to the reinsurance international practices the company follows. We are confident that the commitment, track record and expertise of the acquirer will provide Emirates Retakaful with the required support and guidance”.
In 2009, GMFA purchased a minority stake in Emirates Retakaful previously known as Al Fajer Re which was the first re-takaful company in Kuwait granted permission to operate reinsurance business for all kinds of takaful insurance.
AXA Liabilities Managers, an AXA Group company specialises in non-life (re)insurance legacy business acquisition and management.