AM Best confirms GIG Gulf's rating

AM Best has confirmed GIG Gulf's "A" (Excellent) financial strength rating and "a" (Excellent) long-term issuer credit rating. The outlook is stable.

These ratings reflect the company's "very strong" balance sheet and profitability.

For the record, Fairfax Financial Holdings has acquired Kuwait Projects Company's (KIPCO) entire stake (46.32%) in Gulf Insurance Group (GIG) in the first half of 2023. This acquisition has made the Canadian group GIG's main shareholder, with a 90.01% stake.