Gulf Insurance Group, an insurance brokerage firm, agreed to acquire Gulf business of insurers AXA and YBA Kanoo for $475m. "This transaction marks another step in AXA’s continued simplification journey. We are convinced that AXA’s operations in the Gulf region will benefit from GIG’s leadership and scale in the region, to further pursue their focus on delivering growth and excellent customer service. I would like to thank the management teams and all the employees of our operations in the Gulf region for their continuous contribution and engagement over the years, and wish them all the success for the future," Thomas Buberl, AXA CEO.