Historic Milestones

  • 2023

  • 2022

  • 2021

  • 2020

  • 2019

  • 2017

  • 2016

  • 2015

  • 2014

  • 2013

  • 2012

  • 2011

  • 2010

  • 2009

  • 2008

  • 2007

  • 2006

  • 2005

  • 2003

  • 2000

  • 1997

  • 1977

  • 1962

2023

 

  • Fairfax became the largest shareholder of GIG with 90.01% stake by acquiring an additional 46.32% of the entire stake from KIPCO

  • Successful acquisition of AIG Egypt’s domestic operations

  • Increased stake in yallacompare that turned to be an associate company

2022
  • Celebrated GIG’s 60th anniversary reflecting its operational excellence.

  • Unveiled an EVOLVED BRAND, as a major transformation with an Identity Upgrade. 

  • Won the AFYA 3 contract for a period of 2 years, the mandatory health insurance policy for retired citizens.

2021
  • Completed the acquisition of AXA’s operations in the Gulf region.

  • Increased GIG’s paid up share capital.

  • Placed KD 60 million Tier 2 bonds, First issuance by an insurer and Kuwait’s First Perpetual Bond in KD. 
     

2020
  • Acquired a sizeable stake in “yallacompare”.

  • Acquired a majority stake in “Gulf Takaful” through GIG’s subsidiary (GIG-Kuwait).

  • Acquired a majority stake in Gulf Warranties, KSA.

  • Entered into an agreement to acquire AXA Gulf’s insurance operations in the Gulf.

2019

 

  • Won the AFYA contract for the second consecutive time.

2017
  •  Acquired AIG – Turkey through Gulf Sigorta (GIG - Turkey) and currently operating as one company under the name “Gulf Sigorta”.

  • Acquired Takaful International Company in Bahrain through GIG - Bahrain.

2016
  • Enjoys the privilege of being the first triple rated insurance company in Kuwait. (S&P, A.M.BEST and Moody’s).

  • Successfully acquired majority stake in Turins Sigorta, a Turkish non-life insurer and rebranded its name to Gulf Sigorta.

  • Won the contract for one of the biggest insurance policies in Kuwait's history. "AFYA" a medical insurance policy for retired citizens.

2015
  • Successfully acquired majority stake in Algerian non-life insurer, L’Algerienne Des Assurances (2A)

  •  Established a life insurance company in Algeria, Algerian Gulf Life Insurance Company (AGLIC) & becomes an associate to GIG.

2014
  • Successfully established the composite insurer, Gulf Insurance & Reinsurance (GIRI/GIG-Kuwait).

  • United Networks became associate company to GIG.

2013
  • Successfully established a group, Gulf Insurance Group (GIG)

  • Switched the investment in Egyptian Takaful /Property & Liability from available for sale to an associate Company.

2012
  • Participate in Alliance Insurance Company’s – UAE share capital & became an associate to GIG.

2011
  • Acquired the majority stake in the Iraqi Composite insurer DAIC "Dar Al-Salam Insurance Company", listed in Baghdad Stock Exchange.

  • Established GlobeMed–Kuwait (Third party Administrator).

2010
  • Fairfax acquired a significant stake in Gulf Insurance.

  • Acquired Egyptian Life Takaful Insurance Company through GLIC.

2009
  • Acquired the majority stake in Arab Orient Insurance Company (Jordan).

2008

 

  • Obtained official approval for Buruj Cooperative Insurance Company (BCIC) , Saudi Arabia.

2007

 

  • Established Gulf Life Insurance Company (GLIC).

  • Established Takaful Insurance Unit at Gulf Insurance, Kuwait.

2006
  • Established Syrian Kuwaiti Insurance Company (SKIC).

  • Increased ownership in both of Bahrain Kuwait Insurance Company (BKIC).

2005
  • Acquired majority stake in Egypt's Arab Misr Insurance Group (AMIG).

2003
  • Formed Fajr Al-Gulf Insurance and Reinsurance Company (FAJR) by merger of ITI with Al-Fajr Insurance and Reinsurance Company.

2000
  • Acquired a majority stake in Saudi Pearl Insurance (SPI) and in International Trust Insurance (ITI).

1997
  • KIPCO became the Major Stakeholder.

 
1977
  • Government of Kuwait divested 82% stake.

1962
  • Commenced operations;

  • 2nd private insurance company in Kuwait.