Canadian company Fairfax Financial Holding has actually finished the acquisition of an extra $860 million stake in Gulf Insurance coverage Group (GIG), raising its shareholding in the company to 90.01%.
The acquisition was exposed in April, with Fairfax accepting purchase all the shares of GIG under the control of Kuwait Projects Business (Kipco) for KD263.7 million ($ 860 million). The shares represent 46.3% of the equity of GIG.
On closing, Fairfax’s equity interest in GIG has actually increased to 90.01%, Fairfax stated in a declaration.
The business stated 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,” the company stated.
Fairfax is mostly taken part in home and casualty insurance coverage and reinsurance. Over almost 4 years, the business has actually composed $229 billion in cumulative premiums, according to its site.
( Composing by Cleofe Maceda; modifying by Seban Scaria)