AM Best affirms GIG Gulf’s ‘A’ Excellent rating for the third consecutive year

Muscat: For the third consecutive year, GIG Gulf, one of the largest insurance providers in the MENA region, has received the Financial Strength Rating (FSR) of “A” (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) by AM Best with an outlook assigned to these Credit Ratings (ratings) of “stable”. These ratings underscore the company's ’very strong’ balance sheet, history of strong profitability through underwriting discipline, top five positioning within each of its core markets: Bahrain, Oman, Qatar and the UAE, and sophisticated risk management capabilities.

The stability of GIG Gulf's operations in Bahrain, Oman, Qatar, and the UAE following its acquisition and rebranding by Gulf Insurance Group K.S.C.P. (GIG) is reinforced by the globally recognized specialist insurance rating agency's evaluation.

Mehdi Salim Said Al Harthy, GIG Gulf’s Oman General Manager, commented: “We are deeply committed to upholding the highest standards and a dedication to excellence which we have retained since our rebranding to GIG Gulf. Since 2020, we have delivered important milestones in Oman, including an AM Best ‘A Excellent' rating for three consecutive years. This independent recognition confirms our financial strength and sustainability of our business to deliver in the future for our customers. GIG Gulf stands as one of the top three A-rated companies in Oman, underpinned by a consistent track record of strong performance year after year. With our ongoing investments, we are dedicated to meeting the consumers’ future needs with the highest quality of service.”

Paul Adamson, CEO of GIG Gulf, commented: “The Oman insurance market holds strategic importance as one of the largest in the GCC and a key focus for GIG. Oman possesses considerable untapped potential for enhancing its insurance penetration positively contributing to economic growth. With upcoming regulatory developments across the region, we see exciting opportunities in the insurance sector enhancing the availability of insurance services for consumers. GIG Gulf is fully committed to fostering sustainable growth in our insurance activities and is well placed to serve customers as the largest regional insurer.”

While the updated ratings from AM Best are reflective of GIG Gulf’s 2022 performance, an important highlight this year will be Fairfax's intended acquisition of KIPCO’s entire shareholding in GIG Gulf’s parent company, Gulf Insurance Group K.S.C.P. (“GIG Group Kuwait”). This transition promises to bolster GIG Gulf's strategic stance in the global insurance industry without changes to its strategy, service delivery, or operations.

This intended increase in investment by Fairfax signifies a vote of confidence in the growth trajectory of the Gulf region. With Fairfax's global footprint spanning 40 markets and its expertise in property & casualty insurance, reinsurance, and investment management, GIG Gulf is poised for even greater accomplishments and milestones in the coming years.

Supported by its talented teams and the bright prospects that lie ahead, GIG Gulf remains committed to improve the lives of people and their communities by protecting them in the moments that matter.