Gulf Insurance Group says “business as usual” after shareholder change

Gulf Insurance Group (GIG) has confirmed its strategy remains unchanged following a change in its shareholding ownership following a deal by Fairfax to buy the position held by Kuwait Projects Company (known as KIPCO) in the Middle Eastern firm.

Kuwait-based GIG said following the change in ownership structure 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”.

KIPCO transferred its 46.32% shareholding in GIG to Fairfax, in line with a previously announced binding agreement between the two parties, making Fairfax the largest shareholder in GIG, with an aggregate ownership of 90.01%.

“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 Middle East and North Africa region,” said Khaled Saoud Al Hasan, group CEO of GIG.

He continued: “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,” Al Hasan said.

Chairman and CEO of Fairfax, Prem Watsa, added: “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.”