Credit: Mohamed Hassan from Pixabay.

Fairfax Financial Holdings has signed an agreement to acquire about 46.32% equity in Gulf Insurance Group from Kuwait Projects Company (Kipco) for $860m, at a rate of KWD2 ($6.5) per share.

Gulf Insurance Group (GIG) is a leading insurance group in Middle East and North Africa.

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With this move, Fairfax Financial Holdings will become the largest shareholder of GIG, increasing its stake from 43.69% to 90.01%.

A holding company, Fairfax, via its subsidiaries, mainly operates in property and casualty insurance, reinsurance and the related investment management space.

This move is expected to benefit GIG with Fairfax’s wide global insurance experience in more than 40 countries.

Fairfax chairman and CEO Prem Watsa said: “We are excited to increase our ownership interest in GIG.

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“GIG is among the largest and most diversified insurance groups in the Middle East and North Africa region, with operations in 13 different countries and a market-leading presence in each of Kuwait, Jordan, Bahrain and Egypt. Since our first investment in 2010, GIG has proven to be a great company.”

KIPCO group CEO Sheikha Dana Naser Sabah Al Ahmad Al Sabah said: “Our partnership with Fairfax is one that we greatly value. Together we have grown Gulf Insurance Group into a leading player in the MENA insurance market.

“As a holding investment company, KIPCO’s strategy is to acquire, scale and exit companies when the time is opportune. Our journey has been one of success, and we believe that GIG will continue to grow under Fairfax and remain a leading player in the market.”

The deal closure is subject to regulatory approval and other customary closing conditions.

It is expected to close in the second half of 2023.