(MENAFN - Khaleej Times) AXA Cooperative Insurance Company, or AXA Co-operative, a Saudi public joint stock company, announced that the ministry of commerce has issued commercial registration to the company.
This announcement follows the issuance of a royal decree approving AXA Co-operative's launch of operations as a licenced co-operative insurance company in Saudi Arabia and the initial public offering, which was over five times over-subscribed in April. AXA Co-operative is a member of the AXA Group, headquartered in Paris. Globally, the AXA Group has more than 67 million clients and 135,000 employees. AXA is a major international insurer in the Middle East, offering a wide range of insurance products and services for corporate and individual customers.
Jean-Louis Laurent Josi, CEO of AXA Gulf, said: "As the largest market in the Middle East with excellent growth opportunities, Saudi Arabia is important for the AXA Group. The establishment of AXA Cooperative in Saudi Arabia' will strengthen our position as the most successful international insurance company in the region. AXA is currently in the top 5 of the largest insurers in the kingdom and has recently secured the insurance arrangements of several large contracts in including Power Generation, Railway and Telecommunications projects".