Green Crescent Receives Approval for Strategic Alliance with AXA

17/04/2014 11:00 AST

Green Crescent Insurance Company (PJSC), the leading group health and life insurance Company in the UAE, has received no objection letters from both the Securities & Commodities Authority and the Insurance Authority to pursue a long-term strategic alliance with AXA Group and to increase its capital from AED 100 million to AED 200 million via a convertible bond instrument.

Following the approval of the regulatory authorities, Green Crescent will move on to seek the approval of its shareholders to authorize the convertible bond instrument and forge the alliance with AXA at an Extraordinary General Meeting that will be held on the 20th of May, at which the shareholders will be asked to vote whether to authorize the board to proceed with the deal.

Commenting on that, Mr. Nathan Kennedy Managing Director and Interim CEO of Green Crescent said "We appreciate the cooperation of the regulators and their diligent efforts in support of a healthier insurance sector for the United Arab Emirates. The managements looks forward to successful shareholder meetings and are very optimistic about the strategic alliance with AXA as we envision that through this deal, Green Crescent will realize considerable growth in gross written premiums and improved profitability in 2014 and future years"

The Board of Directors of Green Crescent realizes that the extensive local market knowledge of Green Crescent, being the only private health and life insurance in the UAE plus the deep industry expertise and capabilities of AXA (one of the top insurers in the world) represents a unique opportunity for the company to expand its product offering and market share.

Press Release