Turkey: Gulf Insurance Group acquires AIG Sigorta

Source: Middle East Insurance Review | Feb 2017

Kuwait-headquartered Gulf Insurance Group (gig) is in the process of completing the acquisition of shares of AIG Sigorta from Toronto-headquartered Fairfax Financial Holdings.

The Kuwaiti insurer expects to obtain legal approvals from the Treasury and the Competition Board by the end of March 2017, according to AIG Sigorta’s General Manager Suleyman Sagiroglu.

The group would assimilate AIG Sigorta into the Gulf Insurance brand in the second half of this year, reported the Insurance Gazette.

In October 2016, AIG announced that it had entered into several agreements with Fairfax Financial as part of a strategic partnership that will further focus and streamline AIG’s global insurance operations. As part of these agreements, AIG sold to Fairfax its insurance operations in Turkey and several South American countries.

gig is supported by its major shareholders KIPCO (the biggest diversified holding company in the MENA region) and Fairfax Financial.

AIG Sigorta is the second Turkish insurer to be acquired by gig. Last June, the group bought 90% of Turins Sigorta, a non-life insurer.

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