| Element List | Explanation |
|---|---|
| Introduction | AXA Cooperative Insurance Co. announces changes in its Board of Directors membership as a result of the acquisition by Gulf Insurance Group K.S.C.P ("GIG") of 100% of the share capital of AXA Insurance (Gulf) Company B.S.C. (C) resulting in GIG indirectly owning 50% of the shareholding of AXA Cooperative Insurance Co. Accordingly, AXA Insurance (Gulf) Company B.S.C. (C) and AXA Mediterranean Holding S.A representatives have resigned from AXA Cooperative Insurance Co Board of Directors and GIG representatives have been appointed. |
| Element List | Explanation |
|---|---|
| Resigned Member Name | Nicolas De Nazelle |
| Membership Type | Non- Executive |
| Resignation Submission Date | 2021-09-06 Corresponding to 1443-01-29 |
| Resignation Acceptance Date | 2021-09-06 Corresponding to 1443-01-29 |
| Resignation Effective Date | 2021-09-06 Corresponding to 1443-01-29 |
| Membership Starting Date for the Resigned Member | 2021-08-01 Corresponding to 1442-12-22 |
| Reasons of Resignation | As a result of the acquisition by Gulf Insurance Group K.S.C.P ("GIG") of 100% of the share capital of AXA Insurance (Gulf) Company B.S.C. (C) resulting in GIG indirectly owning 50% of the shareholding of AXA Cooperative Insurance Co. Accordingly, AXA Insurance (Gulf) Company B.S.C. (C) and AXA Mediterranean Holding S.A representatives have resigned from AXA Cooperative Insurance Co Board of Directors. |
| Element List | Explanation |
|---|---|
| Resigned Member Name | Stephen Wagstaff |
| Membership Type | Non- Executive |
| Resignation Submission Date | 2021-09-06 Corresponding to 1443-01-29 |
| Resignation Acceptance Date | 2021-09-06 Corresponding to 1443-01-29 |
| Resignation Effective Date | 2021-09-06 Corresponding to 1443-01-29 |
| Membership Starting Date for the Resigned Member | 2021-08-01 Corresponding to 1442-12-22 |
| Reasons of Resignation | As a result of the acquisition by Gulf Insurance Group K.S.C.P ("GIG") of 100% of the share capital of AXA Insurance (Gulf) Company B.S.C. (C) resulting in GIG indirectly owning 50% of the shareholding of AXA Cooperative Insurance Co. Accordingly, AXA Insurance (Gulf) Company B.S.C. (C) and AXA Mediterranean Holding S.A representatives have resigned from AXA Cooperative Insurance Co Board of Directors. |
| Element List | Explanation |
|---|---|
| Resigned Member Name | Ali Abdulla Kanoo |
| Membership Type | Non- Executive |
| Resignation Submission Date | 2021-09-06 Corresponding to 1443-01-29 |
| Resignation Acceptance Date | 2021-09-06 Corresponding to 1443-01-29 |
| Resignation Effective Date | 2021-09-06 Corresponding to 1443-01-29 |
| Membership Starting Date for the Resigned Member | 2021-08-01 Corresponding to 1442-12-22 |
| Reasons of Resignation | As a result of the acquisition by Gulf Insurance Group K.S.C.P ("GIG") of 100% of the share capital of AXA Insurance (Gulf) Company B.S.C. (C) resulting in GIG indirectly owning 50% of the shareholding of AXA Cooperative Insurance Co. Accordingly, AXA Insurance (Gulf) Company B.S.C. (C) and AXA Mediterranean Holding S.A representatives have resigned from AXA Cooperative Insurance Co Board of Directors. |
| Element List | Explanation |
|---|---|
| Resigned Member Name | Matthieu Bebear |
| Membership Type | Non- Executive |
| Resignation Submission Date | 2021-09-06 Corresponding to 1443-01-29 |
| Resignation Acceptance Date | 2021-09-06 Corresponding to 1443-01-29 |
| Resignation Effective Date | 2021-09-06 Corresponding to 1443-01-29 |
| Membership Starting Date for the Resigned Member | 2021-08-01 Corresponding to 1442-12-22 |
| Reasons of Resignation | As a result of the acquisition by Gulf Insurance Group K.S.C.P ("GIG") of 100% of the share capital of AXA Insurance (Gulf) Company B.S.C. (C) resulting in GIG indirectly owning 50% of the shareholding of AXA Cooperative Insurance Co. Accordingly, AXA Insurance (Gulf) Company B.S.C. (C) and AXA Mediterranean Holding S.A representatives have resigned from AXA Cooperative Insurance Co Board of Directors. |
| Element List | Explanation |
|---|---|
| Appointed Member Name | Osama Kamela Kishk |
| Membership Type | Non- Executive |
| Membership Start Date | 2021-09-06 Corresponding to 1443-01-29 |
| Brief Resume of the Appointed Member | • Mr. Kishk is the Group CFO of gig and joined the Group in June 2017 |
• Mr. Kishk has over 26 years of experience in the Finance, Accounting, Treasury, Investment and Auditing related fields. Prior to joining gig, he has worked with MetLife, Rasameel Group, Bayt AlMal Investments, Ernst & Young and Coopers & Lybrand
• Mr. Kishk holds an MBA from Maastricht School of Management (MSM) in addition to several professional qualification from USA such as Certified Public Accountant (CPA), Certified Risk Professional (CRP), Certified Internal Auditor (CIA), and Certified Associate Business Manager (CABM).
| Element List | Explanation |
|---|---|
| Appointed Member Name | Bijan Khosrowshahi |
| Membership Type | Non- Executive |
| Membership Start Date | 2021-09-06 Corresponding to 1443-01-29 |
| Brief Resume of the Appointed Member | • Mr. Khosrowshahi is currently the President and CEO of Fairfax International, Board member representative for Fairfax Financial Holdings for gig and many of its subsidiaries |
• Mr. Khosrowshahi has over 35 years of experience in the insurance industry. He joined Fairfax in 2009 and prior to that spent 18 years with AIG and 5 year with Fuji Fire and Marine Insurance
• Mr. Khosrowshahi holds an MBA and B.Sc in Mechanical Engineering from Drexel University, USA
| Element List | Explanation |
|---|---|
| Appointed Member Name | Jean Cloutier |
| Membership Type | Non- Executive |
| Membership Start Date | 2021-09-06 Corresponding to 1443-01-29 |
| Brief Resume of the Appointed Member | • Mr. Cloutier is the Chairman of Fairfax International since 2013. |
• Mr. Cloutier joined Fairfax in 1999 as Vice President and Chief Actuary and later became Vice President-International Operations. Prior to joining Fairfax, he worked with Lombard Canada Limited, Halifax Insurance and Dominion of Canada Insurance Company.
• Mr. Cloutier received his bachelor’s degree in actuarial sciences from Laval University. He is a fellow of the Casualty Actuarial Society and a member of the Canadian Institute of Actuaries.
| Element List | Explanation |
|---|---|
| Appointed Member Name | Farid Saber |
| Membership Type | Non- Executive |
| Membership Start Date | 2021-09-06 Corresponding to 1443-01-29 |
| Brief Resume of the Appointed Member | • Mr. Saber is the Assistant Group Chief Executive Officer (Operations) of Gulf Insurance Group since November 2016. |
• Mr. Saber is an experienced Executive Officer with a demonstrated history of working in the insurance industry in MENA region. He is also a Member of the Board of Directors at L'Algerienne vie (AGLIC), Gulf Sigorta and Egypt Life Takaful Co., all subsidiaries of gig.
• Mr. Saber has a Bachelor of Laws (LL.B.) and a Bachelor in Business Administration from the Lebanese University in Beirut and a Diploma in Insurance (Dip CII).
| Element List | Explanation |
|---|---|
| Date of Board Meeting in which Appointed New Member(s) were Appointed | 2021-09-06 Corresponding to 1443-01-29 |
| Board Approval | Board Approval May not be Deemed Final, this Appointment Shall Be Put before the First General Assembly Meeting for Approval |
| Additional Information | The Chairman and members of the Board of directors of AXA Cooperative Insurance Co. expressed their appreciation to the resigned members for their valuable efforts during their terms of office. |
Circular resolution of the board of Directors of AXA Cooperative Insurance Co. passed on 6 September 2021.
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