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International

Fairfax Financial to increase stake in Gulf Insurance to over 90%

April 20, 2023 Reprints

Canada-based Fairfax Financial Holdings Ltd. is planning to acquire an additional 46% stake in Kuwait-based Gulf Insurance Group KSCP from Kuwait Projects Co. (Holding) K.S.C. and its affiliates for 263.7 million Kuwaiti dinar ($860 million), Middle East Insurance Review reported. The move will increase Fairfax’s equity interest in Gulf Insurance to 90% from 43.7%. The deal is expected to close in the second half of this year.

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Fairfax Financial to increase stake in Gulf Insurance to over 90%

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