Dubai: The Canadian company Fairfax Financial Holdings has raised its shareholding in Gulf Insurance Group to 90.01 per cent, after buying the 43.62 per cent stake held by Kuwait’s KIPCO.
Gulf Insurance Group owns GIG Gulf, one of the biggest names in the UAE and Gulf insurance sector. In fact, the former had bought the regional operations of French insurance giant AXA in late 2020 and which was then renamed GIG Gulf. (The UAE and Gulf insurance industry is continuing a series of major consolidations and there could be more afoot next year.)
The Fairfax Group is one of the Top 20 global insurance and reinsurance groups with annual gross premiums of around $30 billion and with a presence in 40 markets.
This ‘alignment with the Fairfax Group’ will help GIG Gulf with its regional footprint and ‘further strengthen GIG Group’s presence across markets’.
“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,” said Prem Watsa, Chairman and CEO of Fairfax. “I am confident that GIG Gulf will make a significant contribution to the future of Fairfax.”
Fairfax, based out of Toronto and which owns Thomas Cook India and Brit among others, had gross premiums of $27.6 billion in 2022.
Paul Adamson, CEO of GIG Gulf, “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."