GIG notified of change in GIG Kuwait ownership

Logo of Gulf Insurance Group (GIG Saudi) 

Gulf Insurance Group (GIG) recieved another notification by Gulf Insurance Group (GIG Bahrain) of a change in the shareholding of its Kuwait-listed parent company, Gulf Insurance Group (GIG Kuwait).

In a statement to Tadawul, the Saudi insurer pointed out that after receiving the relevant regulatory approvals and pursuant to an agreement signed on April 19, Kuwait Projects Co. (KIPCO) completed, on Dec. 26, selling its 46.32% stake in the parent company, GIG Kuwait, to Fairfax Barbados Corp., which is a subsidiary of Fairfax Financial Holdings Ltd.

Accordingly, Fairfax now owns 90.01% of GIG Kuwait, which in turn owns 99% of GIG Gulf that owns 50% stake in Saudi-listed GIG.

The change will not have any impact on the ownership structure of GIG Saudi, its board operating model, management, employees, customers, or the company’s brand, the statement noted.

Fairfax Group is one of the top 20 global insurance and reinsurance groups with annual gross premiums of approximately $30 billion and a presence across 40 markets.

In April, GIG Saudi was notified by GIG Bahrain of a potential change in the shareholding of its Kuwait-listed parent company, according to data available with Argaam.