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’ rated by AM Best, with proven operational strategies and leadership teams will be further elevated with the backing of a strong international insurance group. As part of the GIG Group, the largest regional insurer, recognized by Forbes Middle East as one of the top 10 most valuable insurance groups in the MENA region, this alignment with the Fairfax Group will help leverage the regional footprint and further strengthen GIG Group’s presence across markets.

For his part, 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.

For more information about GIG Gulf and its services, visit www.gig-gulf.com. 

ABOUT GIG GULF

GIG Gulf is part of the Gulf Insurance Group (GIG), the #1 largest regional composite insurer in the Middle East and North Africa, with presence in 12 markets including Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates. Its reported consolidated assets stand at US$ 4.4 billion as of 31 December 2022.

GIG Gulf is an ‘A’ rated regional insurer with a top 5 position in each of its markets. GIG Gulf has been present in the region for over 70 years with a strategic focus on both growth and investments and is a one stop shop offering a wide range of insurance products and services that cater to a broad variety of needs for corporates, SMEs and individual customers throughout UAE, Oman, Bahrain, and Qatar. GIG Gulf also owns a 50% stake in GIG Saudi.

With a workforce of over 800 employees across 15 branches and retail shops region-wide and over 1 million customers, GIG Gulf is a caring partner that encourages customers to achieve their goals and live an inspiring and fulfilling life. Obsessed with customer feedback and continuously evolving to become the region’s digital insurer of reference, GIG Gulf is also focused on making a difference for customers, partners, and communities through strong CSR commitments.

Recognised as a leading insurance brand, GIG Gulf has been winning several awards for its quality of services and products, winning the 2023 Health Insurer of the Year award, by MENA IR and winning two awards at the Global Economics Awards 2022 under the Best Non-Life Insurance Company and Most Customer Centric Insurance Company categories.

For more information, visit www.gig-gulf.com and follow us on:
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OR MORE INFORMATION:
GIG:
Manon Gaillard
Regional Communication Manager
Manon.gaillard@gig-gulf.com 
WEBER SHANDWICK:
Adnan Siddiqui
Junior Associate
ASiddiqui@webershandwick.com

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and GIG GULF’s plans and objectives to differ materially from those expressed or implied in the forward-looking statements. GIG GULF undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events, or circumstances or otherwise.