Historic Milestone

Fairfax became the largest shareholder of GIG with 90.01% stake by acquiring an additional 46.32% of the entire stake from KIPCO

Successful acquisition of AIG Egypt’s domestic operations

Increased stake in yallacompare that turned to be an associate company

Celebrated GIG’s 60th anniversary reflecting its operational excellence.

Unveiled an EVOLVED BRAND, as a major transformation with an Identity Upgrade. 

Won the AFYA 3 contract for a period of 2 years, the mandatory health insurance policy for retired citizens.

Completed the acquisition of AXA’s operations in the Gulf region.

Increased GIG’s paid up share capital.

Placed KD 60 million Tier 2 bonds, First issuance by an insurer and Kuwait’s First Perpetual Bond in KD. 
 

Acquired a sizeable stake in “yallacompare”.

Acquired a majority stake in “Gulf Takaful” through GIG’s subsidiary (GIG-Kuwait).

Acquired a majority stake in Gulf Warranties, KSA.

Entered into an agreement to acquire AXA Gulf’s insurance operations in the Gulf.

Won the AFYA contract for the second consecutive time.

 Acquired AIG – Turkey through Gulf Sigorta (GIG - Turkey) and currently operating as one company under the name “Gulf Sigorta”.

Acquired Takaful International Company in Bahrain through GIG - Bahrain.

Enjoys the privilege of being the first triple rated insurance company in Kuwait. (S&P, A.M.BEST and Moody’s).

Successfully acquired majority stake in Turins Sigorta, a Turkish non-life insurer and rebranded its name to Gulf Sigorta.

Won the contract for one of the biggest insurance policies in Kuwait's history. "AFYA" a medical insurance policy for retired citizens.

Successfully acquired majority stake in Algerian non-life insurer, L’Algerienne Des Assurances (2A)

 Established a life insurance company in Algeria, Algerian Gulf Life Insurance Company (AGLIC) & becomes an associate to GIG.

Successfully established the composite insurer, Gulf Insurance & Reinsurance (GIRI/GIG-Kuwait).

United Networks became associate company to GIG.

Successfully established a group, Gulf Insurance Group (GIG)

Switched the investment in Egyptian Takaful /Property & Liability from available for sale to an associate Company.

Participate in Alliance Insurance Company’s – UAE share capital & became an associate to GIG.

Acquired the majority stake in the Iraqi Composite insurer DAIC "Dar Al-Salam Insurance Company", listed in Baghdad Stock Exchange.

Established GlobeMed–Kuwait (Third party Administrator).

Fairfax acquired a significant stake in Gulf Insurance.

Acquired Egyptian Life Takaful Insurance Company through GLIC.

Acquired the majority stake in Arab Orient Insurance Company (Jordan).

Obtained official approval for Buruj Cooperative Insurance Company (BCIC) , Saudi Arabia.

Established Gulf Life Insurance Company (GLIC).

Established Takaful Insurance Unit at Gulf Insurance, Kuwait.

Established Syrian Kuwaiti Insurance Company (SKIC).

Increased ownership in both of Bahrain Kuwait Insurance Company (BKIC).

Acquired majority stake in Egypt's Arab Misr Insurance Group (AMIG).

Formed Fajr Al-Gulf Insurance and Reinsurance Company (FAJR) by merger of ITI with Al-Fajr Insurance and Reinsurance Company.

Acquired a majority stake in Saudi Pearl Insurance (SPI) and in International Trust Insurance (ITI).

KIPCO became the Major Stakeholder.

Government of Kuwait divested 82% stake.

Commenced operations;

2nd private insurance company in Kuwait.