GIG Over the Years
Phase 1: 1962–1997
A Legacy Begins
Commenced operations as the second private insurance company in Kuwait.
The Government of Kuwait acquired an 82% stake in the Company.
KIPCO became the major shareholder, marking a new phase of strategic growth.
Phase 2: 2000–2012
Growth, Expansion & Transformation
Acquired majority stakes in Saudi Pearl Insurance (SPI) and International Trust Insurance (ITI).
Merged ITI with Al‑Fajr Insurance & Reinsurance Co. to form Fajr Al Gulf Insurance & Reinsurance Company.
Acquired a majority stake in Arab Misr Insurance Group (AMIG), Egypt.
Acquired a majority stake in Bahrain Kuwait Insurance Company (BKIC).
- Established a Takaful Insurance Unit in Kuwait.
- Launched Gulf Life Insurance Company (GLIC).
Received official approval to establish Buruj Cooperative Insurance Company (BCIC) in Saudi Arabia.
Acquired a majority stake in Arab Orient Insurance Company, Jordan.
- Fairfax Financial Holdings acquired a significant stake in GIG.
- Acquired Egyptian Life Takaful Insurance Company via GLIC.
- Acquired a majority stake DAIC (Dar Assalam Insurance Company), a listed composite insurer in Iraq.
- Established GlobeMed Kuwait, a third‑party administrator (TPA).
- Launched Kuwait’s first insurance mobile app for iPhone.
- Became Kuwait’s first insurer to earn “double A” ratings from both S&P and A.M. Best.
- Celebrated 50 years of operations.
- Invested in Alliance Insurance Company (UAE), becoming an associate.
Phase 3: 2013–2022
Consolidation under GIG
- Established Gulf Insurance Group (GIG) as the formal Group structure.
- Reclassified Egyptian Takaful/Property & Liability stake as an associate.
- Established Gulf Insurance & Reinsurance, a composite insurer.
- United Networks became an associate company.
- Acquired majority stake in L’Algerienne Des Assurances (2A), Algeria.
- Established Algerian Gulf Life Insurance Company (AGLIC), a GIG associate.
- Became Kuwait’s first insurer rated by S&P, A.M. Best, and Moody’s.
- Acquired Turkish non‑life insurer Turins Sigorta, rebranded as Gulf Sigorta.
- Acquired AIG–Turkey via Gulf Sigorta; operations consolidated under the Gulf Sigorta brand.
- Acquired Takaful International Company in Bahrain through GIG‑Bahrain.
Renewed a major government insurance contract insurance contract for a second consecutive term.
- Acquired a strategic stake in yallacompare.
- GIG Kuwait acquired majority stake in Gulf Takaful.
- Acquired a majority stake in Gulf Warranties in Saudi Arabia.
- Signed agreement to acquire AXA’s Gulf operations.
- Completed the acquisition of AXA’s Gulf operations.
- Increased paid‑up share capital.
- Issued KD 60 million Tier 2 perpetual bonds — a market first in Kuwait’s insurance sector in KD.
- Celebrated 60 years of operational excellence.
- Launched an evolved brand identity, reflecting a major transformation.
- Awarded a major government insurance contract for two years.
Phase 4: 2023–2024
GIG & Fairfax: Stronger Together
- Fairfax Financial Holdings became GIG’s largest shareholder with a 90.01% stake, acquiring 46.32% from KIPCO.
- Acquired AIG Egypt’s domestic operations.
- Increased its stake in yallacompare, reclassifying it as an associate.
- Ranked 71st overall and 3rd in the insurance sector on Fortune 500 Arabia.
- Published GIG’s first Sustainability Report — the first of its kind by a Kuwaiti insurance company.
● Finalized merger of AIG Egypt with GIG‑Egypt
● Finalized a Mandatory Tender Offer (MTO) process by Fairfax, bringing it’s ownership in GIG to
97.06%
● A.M Best upgrades GIG’s Issuer Credit Rating
to ‘a+’Excellentfrom ‘a’
● Signed strategic partnership with DHL Go Green Plus,
cutting Scope 3 emissions