Gulf Insurance Company is 41% owned by Fairfax and operates as a joint venture with Gulf Insurance’s largest shareholder, Kuwait Projects Company (Holdings) or KIPCO. Gulf Insurance was established in 1962 and is currently the largest insurance company in Kuwait in terms of written and retained premiums. Gulf Insurance covers a variety of risks related to Motor; Marine and Aviation; Property and Casualty; Life and Health insurance. In 2010, Gulf Insurance’s net premiums written were 59.5 million KWD (approximately KWD 0.3 = US$1). At year-end, the company had shareholders’ equity of 82.6 million KWD and there were approximately 1,000 employees.

Its subsidiaries include Bahrain Kuwait Insurance Company, Bahrain; Arab Misr Insurance Group, Egypt; Arab Orient Insurance Co., Jordan; Fajr Al-Gulf Insurance & Reinsurance Company, Lebanon; Syrian Kuwaiti Insurance Company, Syria and Buruj Cooperative, Saudi Arabia.

Gulf Insurance is led by Mr. Khaled Saoud Al-Hasan, Managing Director & Chief Executive Officer, who has been with Gulf Insurance since 1978.

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