Fairfax Financial Holdings Ltd. revealed it has actually finished the US$ 860 million acquisition of Gulf Insurance coverage Group (GIG) from Kuwait Projects Co. (KIPCO) and specific of its affiliates.
First revealed in April 2023, the offer represents roughly 46.32% of the equity of GIG and brings Fairfax’s equity interest in the business to 90.01% from 43.69%.
GIG will continue under the management of Khaled Saoud al Hasan, group CEO of GIG, and Paul Adamson, CEO of GIG Gulf.
In accordance with the policies of the Capital Markets Authority of Kuwait, Fairfax plans to release a compulsory tender deal to all other investors of GIG in the very first quarter of 2024.
” We are enjoyed have GIG and its knowledgeable and skilled group led by Khaled Saoud Al Hasan and Paul Adamson sign up with the Fairfax Group,” stated Prem Watsa, chairman and CEO of Fairfax. “GIG has a really strong existence in the Middle East and North Africa area, and we anticipate dealing with Khaled, Paul and the whole GIG group to additional establish GIG’s service over the long term.”
Toronto-based Fairfax is a holding business which, through its subsidiaries, is mainly taken part in residential or commercial property and casualty insurance coverage and reinsurance and the associated financial investment management.
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