FAIRFAX to acquire KIPCO’s stake in Gulf Insurance Group

FAIRFAX to acquire KIPCO’s stake in Gulf Insurance Group

Kuwait City: Gulf Insurance Group (GIG), one of the leading insurance groups in the Middle East and North Africa region has commented today on the binding agreement made between its major shareholders’, Kuwait Projects Company (Holding) – KIPCO and FAIRFAX Financial Holdings Limited - FAIRFAX.

FAIRFAX will acquire all of KIPCO’s share in Gulf Insurance Group, representing 46.32% at an amount of KD 263.7 million (equivalent to US$ 860 million) at KD 2 per share. This will make FAIRFAX the largest shareholder of the company with an aggregate ownership of 90.01%.

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.

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