GIG Gulf, one of the largest regional 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 in GIG to 90.01%.

 

The Fairfax Group is now one of the top 20 global insurance and reinsurance groups with annual gross premiums of approximately $30 billion and a presence across 40 markets. This transaction marks another key milestone in GIG’s journey in the MENA region, said a statement.

 

Paul Adamson, CEO of GIG Gulf, noted the significance of this developmentm saying: “We are thrilled to officially become a part of the Fairfax Group. This increased investment from a well-respected international insurance group is testament to our strong track record and leading position in each of our markets. It also reinforces Fairfax’s robust commitment to invest in the MENA region and leverage the significant growth potential. GIG Gulf will continue to deliver innovative, digital and best in class insurance solutions to our customers. I would like to extend my gratitude to the regulatory authorities for their continued support throughout this transaction.”

 

With the transition to a Fairfax company, GIG Gulf’s position as a leading regional insurer, ‘A’ rated by AM Best, with proven operational strategies and leadership teams will be further elevated with the backing of a strong international insurance group. This alignment with the Fairfax Group will help leverage the regional footprint and further strengthen GIG Group’s presence across markets, said the statement. 

 

Prem Watsa, Chairman and CEO of Fairfax, said: “GIG Gulf is a standout player in the regional insurance landscape. I am truly excited about the culture we have built in all our decentralized companies in Fairfax and warmly welcome GIG Gulf to the Fairfax Group. Under the experienced and talented team led by Paul Adamson, I am confident that GIG Gulf will make a significant contribution to the future of Fairfax. Our people, cultures and values are closely aligned, and I see this as a fantastic opportunity for growth in the region.”

 

As GIG Gulf embarks on this new journey, it reinforces its dedication to maintaining its legacy of trust and quality, now backed by the global expertise and support of Fairfax. Stakeholders and customers can rest assured that GIG Gulf’s commitment to excellence and innovation in the insurance sector remains unchanged, it added. -TradeArabia News Service