Fairfax Financial to increase stake in Gulf Insurance to over 90%Posted On: Apr. 20, 2023 10:14 AM CST
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.