GIG Over the Years
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.
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.
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–Türkiye 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 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.
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.
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 its ownership in GIG to 97.06%.
A.M. Best upgrades GIG’s Issuer Credit Rating to “a+” (Excellent) from “a”.
Signed strategic partnership with DHL Go Green Plus, cutting Scope 3 emissions.
Launched ONE‑GIG, a one‑stop shop that caters regional product offerings across 12 countries.
Standard & Poor’s upgrades Group’s FSR and ICR to “A+” from “A”.
Celebrated 50 years of continuous operations in Bahrain.
Introduced Group‑wide AI solutions to enhance analytics and reporting.