Fairfax to acquire $860mln Kipco stake in Gulf Insurance Group

Fairfax to acquire $860mln Kipco stake in Gulf Insurance Group

Gulf Insurance Group (GIG), a leading insurance group in Middle East and North Africa, has announced that one of its key subsidiaries - Fairfax Financial Holdings Limited - is set to acquire its entire 46.3% stake in Kuwait Projects Company (Kipco) for KD263.7 million ($860 million) at a rate of KD 2 per share.

With this move, Fairfax will become the largest shareholder of the company with an aggregate ownership of 90.01%, said a statement from GIG.

Fairfax is a holding company, which through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.

Its corporate objective is to achieve a high rate of return on invested capital and build long-term shareholder by running Fairfax and its subsidiaries for the long-term benefit of customers, employees, shareholders and the communities where it operates.

According to GIG, this move further benefits GIG in many ways with Fairfax’s extensive global insurance experience in over 40 countries.

Fairfax’s substantial presence across 5 continents enables the Group to further enhance its exciting customer experience with increased focus on digitalized products and services while addressing the need for innovative insurance solutions for customers through multiple global network backed by Fairfax’s strong underwriting expertise, it