Kuwait: Gulf Insurance Group buys 90% stake of Turkish insurer
Source: Middle East Insurance Review | Jul 2016
Gulf Insurance Group (GIG) has secured approval from Turkish regulators to acquire a 90% stake in Turins Sigorta, a Turkish non-life insurer.
GIG, supported by its major shareholders KIPCO and Canada-headquartered Fairfax Financial Holdings, has the expertise, financial strength and capacity to contribute to the development and growth of the Turkish insurance sector, the Kuwait-headquartered insurance company said.
Mr Khaled Saoud Al Hasan, GIG Group CEO, said: “Turins has a strong presence in the Turkish insurance market, and this acquisition, which is in line with our regional expansion strategy, paves the way for further expansion in the region. This acquisition also expands the spread of our services to our clients as well as our Kuwaiti investors.”
Turins Sigorta CEO Suleyman Sagiroglu said: “I hope to capitalise on my international and Turkish market experience in leading this young company and its dynamic team. We want to provide creative and comprehensive insurance solutions for many other lines of businesses using diverse marketing channels.”
Established in 2013, Turins Sigorta offers insurance solutions to both companies and individuals covering personal accident, travel, fire, general accidents, marine and aviation and motor insurance lines, coupled with an advanced IT infrastructure, which offers an efficient service to its customers.