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AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Gulf Insurance Group K.S.C.P. (GIG), which has a stable outlook, remain unchanged following the recent announcement that Fairfax Financial Holdings Limited (Fairfax) is to acquire an additional 46.32% share of GIG from Kuwait Projects Company (Holdings) K.S.C.P. (KIPCO).
On 18 April 2023, it was disclosed that Fairfax had entered into a binding implementation agreement with KIPCO for an off-market trade of KIPCO’s direct and indirectly owned shares in GIG, representing 46.32% of the equity of GIG. On completion of the transaction, Fairfax’s equity interest in GIG will increase to 90.01% from 43.69%.
The transaction is not anticipated to result in a change in GIG’s business strategy or Credit Rating (rating) fundamentals. AM Best will continue to monitor the execution of the transaction and its impacts on GIG.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230421005353/en/
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