TURKEY: GIG aquired AIG Sigorta for USD 48 million

Kuwait's Gulf Insurance Group acquires 100% stake in Turkey's AIG Sigorta Anonim Sirketi (owned by Toronto-headquartered FAIRFAX Financial Holdings) for USD 47.9 million, Reuters annouced.

The transaction was announced in January 2017. At that time, MIDDLE EAST INSURANCE REVIEW reported that the group would merge AIG Sigorta into the Gulf Insurance brand in the second half of this year.

AIG Sigorta is the second Turkish insurer to be acquired by GIG. Last June, the group bought 90% of TURINS Sigorta, a non-life insurer.

The major major shareholders of Gulf Insurance Group are KIPCO (the biggest diversified holding company in the MENA region) and FAIRFAX Financial.

In Oct 2016, AIG sold to FAIRFAX its insurance operations in Turkey and several South American countries for USD 240 million.

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