The profits of Gulf Insurance are skyrocketing

Gulf Insurance, the largest Kuwaiti insurance company, has reported an increase of over 50% of its net profits for 2010 at 7.7 million KWD (27.4 million USD). In 2009, the net profits amounted to 5 million KWD (17.4 million USD). The company, founded in 1962, now has subsidiaries in Saudi Arabia, Lebanon, Egypt, Syria and Bahrain.
Gulf Insurance has financed its expansion by opening its capital to Fairfax Financial Holdings (Canada), which holds 41.3% of it. It is the second largest shareholder after Kuwait Project Company.
In 2010, Gulf Insurance has increased its stakes to 88.7% in Arab Orient Insurance Company (Jordan) and to 56.1% in Bahrain Kuwait Insurance. The company is now targeting .