Gulf Insurance Group confirms business as usual post shareholding change

Gulf Insurance Group (“GIG”), one of the leading insurance groups in the Middle East and North Africa region, confirmed today that it remains committed to delivering on its strategy to achieve further growth in a sustainable model that focuses on customer-centricity, digital transformation and insurance solutions for the future, following the change in the Group’s shareholding structure.

As of the date hereof, Kuwait Projects Company (Holding) K.S.C.P (“KIPCO”) has officially transferred its 46.32% shareholding in GIG to Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U), in line with the previously announced binding agreement between the two parties.  Fairfax is now the largest shareholder in the Group with an aggregate ownership of 90.01%.

Speaking of the change in shareholding, Mr. Khaled Saoud Al Hasan, Group CEO of GIG, said:

“I take this opportunity to thank KIPCO for being a strategic investor and partner since 1997, a role that has contributed to the exponential growth and strong position that our Group holds today in the MENA region. I also welcome Fairfax which has been a shareholder in GIG since 2010 as we look forward to benefiting of its international network and extensive experience in the insurance industry. The change in shareholding does not affect any of our stakeholders and will not change in our identity and values as a Kuwait-grown insurance group.”  

Mr. Prem Watsa, Chairman and CEO of Fairfax, also said:

“We are thrilled to have GIG and its experienced and talented team led by Khaled Saoud Al Hasan, Group CEO of GIG, and Paul Adamson, CEO of GIG Gulf, join the Fairfax Group.  GIG has a very strong presence in the Middle East and North Africa region, and we look forward to working with Khaled, Paul and the entire GIG team to further develop GIG’s business over the long term.”