GIG Gulf embarks on a new chapter as “A Fairfax Company”

GIG Gulf embarks on a new chapter as “A Fairfax Company”

Dubai, UAE: GIG Gulf, one of the largest regional insurers in the Gulf region, is pleased to announce that Fairfax Financial Holdings Limited (“Fairfax”) has acquired KIPCO’s stake in its parent company, Gulf Insurance Group (“GIG”), increasing their 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 US$30 billion and a presence across 40 markets. This transaction marks another key milestone in GIG’s journey in the MENA region.

Paul Adamson, CEO of GIG Gulf, expressed the significance of this landmark development: “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’