Fairfax to Purchase Further 46% Stake in Gulf Insurance coverage Team

Via Robb M. Stewart

Fairfax Monetary Holdings Ltd. mentioned Wednesday it has reached a deal to greater than double its stake in Gulf Insurance coverage Team Okay.S.C.P., purchasing an extra kind of 46% passion from Kuwait Tasks Co.(Conserving) Okay.S.C.P. for approximately $860 million.

When the transaction closes, Fairfax’s stake within the Kuwait insurer would build up to about 90%.

The deal is topic to the receipt of regulator approvals, together with merger keep watch over, capital markets, inventory alternate and insurance coverage regulators in every of the related jurisdiction within the Heart East and north Africa the place Gulf Insurance coverage operates.

Fairfax made its first funding in Gulf Insurance coverage in 2010.

Write to Robb M. Stewart at [email protected]

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