Gulf Insurance is raising funds to finance its expansion

Gulf Insurance Co. (GIC) has signed an agreement with Burgan Bank to obtain credit facilities of nearly 52.7 million USD, usable until June 30, 2013. They would enable the company to finance its expansion projects and also to honor part of its liabilities. In the first quarter of 2012, GIC’s net profits grew by 10% in comparison with the same period of 2011 whereas written premiums soared by 32.3% at 39.8 million KWD (143 million USD).