6 November 2023: For the third consecutive year, GIG Gulf, one of the largest insurance providers in the MENA region, has received the Financial Strength Rating (FSR) of “A” (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) by AM Best with an outlook assigned to these Credit Ratings (ratings) of “stable”. These ratings underscore the company's ’very strong’ balance sheet, history of strong profitability through underwriting discipline, top five positioning within each of its core markets: Bahrain, Oman, Qatar and the UAE, and sophisticated risk management capabilities.
The stability of GIG Gulf's operations in Bahrain, Oman, Qatar, and the UAE following its acquisition and rebranding by Gulf Insurance Group K.S.C.P. (GIG) is reinforced by the globally recognized specialist insurance rating agency's evaluation.
Paul Adamson, CEO of GIG Gulf, commented: “The consistent recognition from AM Best is a testament to our focus on excellence and commitment to our clients and stakeholders. As we step into an exciting phase, we are optimistic about harnessing the synergies and further enhancing our offerings in the insurance landscape across the Gulf region.”
While the updated ratings from AM Best are reflective of GIG Gulf’s 2022 performance, an important highlight this year will be Fairfax's intended acquisition of KIPCO’s entire shareholding in GIG Gulf’s parent company, Gulf Insurance Group K.S.C.P. (“GIG Group Kuwait”). This transition promises to bolster GIG Gulf's strategic stance in the global insurance industry without changes to its strategy, service delivery, or operations.
This intended increase in investment by Fairfax signifies a vote of confidence in the growth trajectory of the Gulf region. With Fairfax's global footprint spanning 40 markets and its expertise in property & casualty insurance, reinsurance, and investment management, GIG Gulf is poised for even greater accomplishments and milestones in the coming years.
Supported by its talented teams and the bright prospects that lie ahead, GIG Gulf remains committed to improve the lives of people and their communities by protecting them in the moments that matter.
