Kuwaiti insurer, Gulf Insurance Group, (GIG), is about to finalize the takeover of AIG Sigorta detained by Fairfax Financial Holdings. Today, the Canadian group is ceding AIG Sigorta which it has recently acquired. In October 2016, AIG parted ways with several of its subsidiaries in South America and in Turkey for the benefit of Fairfax.
GIC is hoping to obtain the necessary authorizations from the authorities by the end of March 2017 before finalizing the merger between both groups by the end of the year. AIG Sigorta is the second Turkish insurer to enter GIG’s realm following the acquisition of 90% stake of the non life insurer Turins Sigorta in June 2016.
GIG, whose main shareholder is KIPCO, is operational in Kuwait, Jordan, Bahrain and Egypt thanks to subsidiaries. The group also possesses corporate interests in insurance companies located in Syria, Iraq, Lebanon, Saudi Arabia, Algeria, Turkey and the United Arab Emirates.
More news: