Europ Assistance acquires Gulf Assist
Europ Assistance, a subsidiary of Generali, has announced its acquisition of a 74.6-per-cent majority share of Middle Eastern assistance firm Gulf Assist from MAPFRE Asistencia
The acquisition, announced on 30 June, will give Europ Assistance control over Gulf Assist’s business operations in Bahrain, Jordan and Dubai, including over 80 employees, and strengthening the company’s presence in the Indian Ocean.
As Gulf Assist’s majority shareholder, Europ Assistance says that the acquisition will make it ‘the new leader in assistance in the Middle East … diversified both in terms of offerings, and geographically, with income generated in 10 countries in the region’ (Bahrain, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE).
Europ Assistance says that it has identified high growth potential in the Middle Eastern assistance market, particularly in the insurance, travel assistance and automotive assistance sectors, as well as ‘a large, underserved market for personal assistance services that can be bundled with insurance offerings’.
Following the completion of the takeover, Gulf Assist’s General Manager, Enrique Ballesteros, will take over all of Europ Assistance’s operations in the Middle East.
Ballesteros said: “We are proud to be part of Europ Assistance Group. Our new international association will broaden our business platform and allow us to deliver high-quality services, products innovation, and financial security to our local partners and customers. We will profit from enhanced reputation, fresh ambition to grow and an opportunity to specialise.”
Europ Assistance said that the acquisition of Gulf Assist complements its establishment of new units in Thailand and Malaysia, as well as its acquisition of MAPFRE Asistencia’s Australian operations in January of this year.
Oliver Cuenca
Oliver Cuenca is a Junior Editor for Voyageur Group, joining in 2021. He writes for both ITIJ and AirMed&Rescue, covering a range of topics including international travel and health insurance, medical assistance provision and air medical transportation. He also serves as Title Editor of the Assistance & Repatriation Reviews. Oliver holds an MA in Magazine Journalism from Cardiff University, as well as a BA in English with Creative Writing from Falmouth University.