GIG Gulf, one of the prominent insurers in the Gulf region, has announced that Fairfax Financial Holdings Limited (Fairfax) has acquired Kipco’s stake in its parent company, Gulf Insurance Group (GIG), increasing its shareholding to 90.01%. With this acquisition, the Fairfax Group now ranks among the top 20 global insurance and reinsurance groups, boasting annual gross premiums of approximately $30 billion and a presence in 40 markets.
This strategic move is a significant milestone in GIG’s journey in the MENA region, signifying the confidence and commitment of Fairfax in the regional insurance landscape. Following the transaction, GIG Gulf’s position as a leading regional insurer, rated ‘A’ by AM Best, is expected to be further strengthened with the support of Fairfax’s global expertise.
Paul Adamson, CEO of GIG Gulf, expressed enthusiasm about becoming a part of the Fairfax Group, emphasizing the alignment of cultures, values, and the shared commitment to growth in the MENA region. The increased investment is a testament to GIG Gulf’s strong track record and leading position in its markets.
As part of the Fairfax Group, GIG Gulf aims to leverage its regional footprint and enhance its presence across markets. The transition is expected to elevate GIG Gulf’s operational strategies and leadership teams with the backing of a globally recognized insurance group.
Prem Watsa, Chairman and CEO of Fairfax, welcomed GIG Gulf to the Fairfax Group, acknowledging the company as a standout player in the regional insurance landscape. He expressed confidence in GIG Gulf making a significant contribution to Fairfax’s future growth in the region.
Stakeholders and customers are assured that GIG Gulf’s commitment to excellence and innovation in the insurance sector remains unchanged, now fortified by the global expertise and support of Fairfax. This acquisition marks a new chapter in GIG Gulf’s journey, reinforcing its dedication to maintaining its legacy of trust and quality.
