Gulf Insurance Group to acquire Turkish insurer

Khaled Saoud Al-Hassan, GIG CEO
Khaled Saoud Al-Hassan, GIG CEO

KUWAIT: Gulf Insurance Group K S C P, the leading insurance service provider in the Middle East and North Africa region, announced today that it has successfully obtained the approval from Turkish regulators to acquire 90 percent stake of Turins Sigorta, a Turkish non-life insurer.

Established in 2013, the Turkish non-life insurer Turins Sigorta offers insurance solutions to both corporates and individuals covering personal accident, travel, fire, general accidents, marine and aviation and motor insurance lines coupled with an advanced IT infrastructure, which offers an efficient service to its customers. “It is an absolute pleasure to have Turins Sigorta join Gulf Insurance Group,” said Khaled Saoud Al-Hassan, GIG CEO. “Turins has a strong presence in the Turkish insurance market and this acquisition, which is in line with our regional expansion strategy, paves the way to further expansions in the region. This acquisition also expands the spread of our services to our clients as well as our Kuwaiti investors.”

Turins Sigorta CEO, Suleyman Sagiroglu added: “I am very excited for the completion of the Turins Sigorta acquisition. I hope to capitalize on my international and Turkish market experience in leading this young company and its dynamic team. We want to provide creative and comprehensive insurance solutions for many other lines of businesses using diverse marketing channels.” GIG, supported by its major shareholders KIPCO (the biggest diversified holding company in the MENA region) and Fairfax Financial Holding (a Canadian-based Insurance giant), has the necessary expertise, financial strength and capacity to contribute to the development and growth of the Turkish Insurance Sector by providing innovative and comprehensive insurance solutions through diverse marketing channels and will strive to meet the ever-changing customer needs.

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