Fairfax Financial is majority shareholder of Kuwait-based Middle East insurer Gulf Insurance Group.
Gulf Insurance Group (GIG) has announced the formation of a new board of six members – four from its majority shareholder Fairfax, and two independents.
The new board is led by Bijan Khosrowshahi as group chairman, who also serves as president of Fairfax.
Khosrowshahi (pictured) is joined by Khaled Saoud Al Hasan, Jean Cloutier and Quinn McLean, as directors and Fairfax representatives.
They are joined by two further independent directors: firstly, Amin Hesham Ezzalarab, chairman of Commercial International Bank Egypt; and secondly, by His Excellency Abdulkarim Kabariti.
Kabariti currently holds a number of chair and board-level roles at several Middle Eastern banks, as well as other companies and academic institutions.
The new board members were elected at the insurer’s ordinary general assembly meeting held on 28 July.
“We welcome the new composition and independent directors onto the board of GIG as Fairfax’s acquisition of a majority shareholding in our Group has started to take effect,” said Khaled Saoud Al Hasan, CEO and group vice chairman, GIG.
“Today, GIG is not only benefiting from an international network and extensive experience in the insurance industry through Fairfax’s global presence, but it will also continue to be guided by a diversified board, offering us unparalleled global expertise and resources, specifically in markets where we operate and lead in,” he said.
“The board composition brings a wealth of knowledge and experience that will undoubtedly drive GIG towards greater innovation and growth in the insurance industry. The change in shareholding and new board election does not affect any of our stakeholders and will not change in our identity and values as a Kuwait-grown insurance group,” Al Hasan added.
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