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Byline: Aarti Nagraj
Summary: AXA Insurance Gulf and HSBC Bank Middle East have enteredinto a strategic marketing and distribution agreement wherein AXA willprovide cargo insurance to HSBC Bank customers.
AXA Insurance Announces Strategic Distribution Agreement with HSBC
for Cargo Insurance Product
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AXA Insurance Gulf and HSBC Bank Middle East have entered into astrategic marketing and distribution agreement wherein AXA will providecargo insurance to HSBC Bank customers.
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Following this agreement HSBC will promote and distribute a cargoinsurance product branded 'Cargo Safe', underwritten by AXA,to their customers at competitive terms. 'Cargo Safe' providesprotection to HSBC customers based on AXA's leading position andextensive experience in offering cargo insurance in the Middle East .'Cargo Safe' provides security and risk management tocompanies for their cargo movements globally. On top of that, withAXA's worldwide network, online access and competitive pricing,HSBC will benefit from the ahigh quality cover, superior services, andunique risk management support that made from AXA a leader in cargoinsurance in the Middle East.
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This partnership will broaden HSBC's product portfolio andwill cover GCC countries, Lebanon and Jordan . Customers opting for'Cargo Safe' cover will avail themselves of the worldwidenetwork spanning 90 countries, expertise of AXA and HSBC's customerrelationship prowess, market penetration and local know-how.
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Toby Sizeland, Chief Officer Corporate Solutions Marine & LargeRisks said: "The need to offer enhanced services and scope of coveris essential for businesses in the region whose purchasing needs arebecoming more sophisticated. Customers can reap benefits for theirbusiness through enhanced protection of their cargoes, improvedadministration, and increased competitiveness resulting in greaterprofitability."
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David Hunt, Head of Insurance for the Middle East, HSBC said,"In these challenging times, HSBC has demonstrated its strength andcommitment to the trading community in the region by helping them securefinance, mitigate risks and grow their business. With this agreement, wewill now be in a unique position to be a one-stop shop for ourcustomers' trade finance needs. Small and Medium business canspecially benefit from the convenience and accessibility of this productthrough their local HSBC bank."
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Commenting on the tie-up Jean-Louis Laurent Josi, CEO- AXAInsurance Gulf said, "We are delighted to partner with such aprominent bank. Given HSBC and AXA's global and local strengths andboth companies' commitment to provide the best quality of servicefor the customers, this was a natural choice for both parties. I amconvinced the customers will benefit from the ease of having theopportunity to finance their trade business and cover the associatedrisks though one point of contact."
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About AXA in the GCC:
With a workforce of over 650 employees, 12 offices region-wide, acustomer base of 500,000 and a gross written premium of over US$ 430million, AXA is the leading non-life international insurer in the MiddleEast offering a wide range of insurance products and services forcorporate and individual customers.
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About AXA group:
AXA group ' s operations are diverse geographically, withmajor operations in Europe, North America and the Asia/Pacific area with67 million clients and 135,000 employees. For full year 2008, IFRS revenues amounted to Euro 91.2 billion and IFRS adjusted earnings toEuro 3.7 billion. AXA had Euro 981 billion in assets under management asof December 31, 2008 . The AXA ordinary share is listed on compartment Aof Euronext Paris under the ticker symbol CS (ISIN FR0000120628 --Bloomberg:
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CS FP -- Reuters: AXAF.PA). The American Depository Share is alsolisted on the NY SE under the ticker symbol AXA.
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HSBC Insurance:
HSBC Insurance provides policies in over 50 countries andterritories to its personal, commercial, corporate, institutional andprivate banking customers. The diverse needs of its customers worldwideare recognised by HSBC Insurance and it offers products and services tosuit them including: life assurance, general insurance, commercial riskand retirement provision.
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Find out more at www.hsbc.com/insurance
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Issued by Landmark PR & Event Management
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For press information contact:
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Nasry Abou Zaki aaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaShadiAbou Assi
General Manager, Middle East aaaaaaa aaaaaaaaaaaaaaaAccount Manager
Tel.: +971 4 3912141 aaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaa aTel.:+971 4 3912547
Email: [emailprotected] aaaa aaaaaaaaaaaa a aEmail:[emailprotected]
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