Kuwait: Fairfax becomes majority shareholder of GIG on completion of purchase of stake

Source: Middle East Insurance Review | Feb 2024

Kuwait Projects Company (KIPCO) officially transferred in December 2023 its 46.32% shareholding in Gulf Insurance Group (GIG) to Toronto-headquartered Fairfax, in line with the previously announced binding agreement between the two parties.

Fairfax is now the largest shareholder of the group with an aggregate ownership of 90.01%.

GIG said that it remains committed to delivering on its strategy to achieve further growth in a sustainable model that focuses on customer-centricity, digital transformation and insurance solutions for the future, following the change in the group’s shareholding structure.

GIG group CEO Khaled Al Hasan said, “The change in shareholding does not affect any of our stakeholders and will not change in our identity and values as a Kuwait-grown insurance group.”

GIG is the largest insurance group in Kuwait in terms of written and retained premiums, with operations in life and non-life as well as takaful. It has companies in Kuwait, Bahrain, Jordan, Egypt, Türkiye, Algeria, UAE, KSA, Oman, Qatar, Iraq and Lebanon. M

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