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FINANCIAL NEWS
Kuwait Projects signs $209m deal with Fairfax
14 Oct 2010
(MENAFN) Kuwait Projects Company (KIPCO) and Fairfax Financial Holdings have signed a deal to develop the insurance market in the MENA region as part of an expansion plan, Kuwait Times reported.
Fairfax, a global insurance and reinsurance group based in Canada, bought 39.2 percent or around $208.6 million worth of shares within Gulf Insurance Company (GIC) from KIPCO.
KIPCO’s Vice Chairman Faisal Al-Ayyar said that the company had been seeking partnership with world renowned business firms with an intention to expand on a regional level.
Fairfax’s Chairman, Prem Wasta, noted that Fairfax had experience in such field in countries like India, Brazil, Singapore, and others.
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