Logo of Gulf Insurance Group (GIG Saudi)
Gulf Insurance Group (GIG Saudi) was notified by Bahrain-based Gulf Insurance Group (GIG Bahrain) of a potential change in the shareholding of its Kuwait-listed parent company, Gulf Insurance Group (GIG Kuwait).
In a statement to Tadawul, GIG Saudi said the ownership of GIG Kuwait, which owns 99% of GIG Bahrain, comprises two major shareholders - Fairfax Middle East Holding Inc. with a shareholding of 43.43% and Kuwait Projects Co. (KIPCO) with a shareholding of 46.32%. The remaining stake is held by the public. GIG Bahrain owns 50% of GIG Saudi.
According to an announcement by Fairfax & GIG Kuwait, an agreement was signed with KIPCO to acquire their shares in GIG Kuwait subject to the approvals of the Kuwaiti regulatory authorities.
The potential shareholding change will not impact GIG Saudi’s ownership structure, board, operating model, management, employees, customers or the company’s brand, the Tadawul-listed company added.
Fairfax is one of the world’s largest insurers operating across 40 markets. It is based in Toronto, Canada, and operates in property, casualty insurance, reinsurance and investment management.
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