Fairfax Financial Holdings completed the acquisition of an additional 46.32% stake in Gulf Insurance Group from Kuwait Projects Company for $860m.

Fairfax Financial Holdings, a financial holding company, completed the acquisition of an additional 46.32% stake in Gulf Insurance Group, a provider of insurance products, from Kuwait Projects Company, an investment holding company, for $860m. “KIPCO’s transformative merger grew our portfolio, and we have since been looking at opportunities for exits and investments with the ultimate goal of growth and greater value-creation for our shareholders. The sale of GIG to our partners, Fairfax, is yet another example of the success of our long-term strategy of acquiring businesses, scaling them and then exiting when both the timing and the financial rewards are opportune," Sheikha Dana Naser Sabah Al Ahmad Al Sabah, KIPCO CEO.