Dubai, UAE – 27 October 2025 – GIG Gulf, part of Gulf Insurance Group K.S.C.P., today announced that AM Best has affirmed its Financial Strength Rating (FSR) of A (Excellent) and Long-Term Issuer Credit Rating (ICR) of “a+” (Excellent), which marks the fifth consecutive year that GIG Gulf has maintained its A (Excellent) rating with no changes compared to last year’s assessment. The outlook for both ratings remains stable, confirming our robust financial position.
GIG Gulf’s established presence in the region is a key differentiator. The company ranks among the top five insurers in its core markets, with presence in Bahrain, Oman, Qatar, and the United Arab Emirates. Additionally, GIG Gulf holds a 50% stake in Gulf Insurance Group (a Saudi Joint Stock Company) in Saudi Arabia, further reinforcing its diversification and ability to offer compliant solutions across the region.
The affirmation reflects GIG Gulf’s financial stability and considers the strategic importance of GIG Gulf as a key subsidiary of the Gulf Insurance Group (GIG Group K.S.C.P.), which holds a Financial Strength Rating of “A” (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) with a stable outlook from AM Best. GIG Gulf also benefits from shared capabilities, including Risk Management, actuarial, investment management, as well as global best practice. The collective strength of our companies enables our local leadership teams to be empowered to deliver on the ground, with greater agility, to the needs of local markets.
Together, these strengths provide customers, regulators, and partners with confidence in the Group’s long-term stability and ability to meet its commitments, reinforcing GIG’s position as one of the most credible and trusted insurance providers in the Middle East and North Africa.
GIG’s ratings also consider the strategic importance of GIG to its ultimate parent company, Fairfax Financial Holding Limited (Fairfax). Fairfax is a globally diversified insurer and reinsurer with established presence in over 40 countries and one of the Top 20 P&C companies in the world.
Paul Adamson, CEO of GIG Gulf, commented:
“We are proud to once again receive this strong endorsement from AM Best. The affirmation of our ‘A’ rating is a testament to GIG Gulf’s clear focus on profitability, a disciplined approach to risk, strong internal governance, and a growing regional presence. GIG Gulf is well-positioned to keep thriving in the Middle East’s dynamic insurance market. The ratings reinforce our commitment to delivering sustainable growth and long-term value for our customers, partners, and shareholders across the region.”
For more information on AM Best’s rating announcement, please visit www.ambest.com.
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ABOUT GIG GULF
GIG Gulf is part of the Gulf Insurance Group (GIG), the #1 largest regional composite insurer with companies in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Qatar, Oman, Iraq, Lebanon, Saudi Arabia, and United Arab Emirates. Its reported consolidated assets stand at US$3.8 billion as of 31 December 2023.
GIG Gulf is an ‘A’ rated regional insurer with a top 5 position in each of its markets. GIG Gulf has been present in the GCC region for over 70 years with a strategic focus on both growth and investments and is a 1-stop shop offering a wide range of insurance products and services that cater to a broad variety of needs for corporates, SMEs, and individual customers throughout UAE, Oman, Bahrain and Qatar. GIG Gulf also owns a 50% stake in GIG Saudi.
GIG Gulf is a subsidiary of Fairfax Financial Holdings Limited, a holding company headquartered in Toronto, Canada, which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.
With a workforce of over 800 employees across 12 branches and retail shops region-wide and over 1 million customers, GIG Gulf is a caring partner that encourages customers to achieve their goals and live an inspiring and fulfilling life. Obsessed with customer feedback and continuously evolving to become the region’s digital insurer of reference, GIG Gulf is also focused on making a difference for customers, partners and communities through strong CSR commitments.
Recognised as a leading insurance brand, GIG Gulf has been winning several awards for its quality of services and products, most recently winning, The Health Insurer of the Year award by MENA II 2022, 2023 and 2025 Award, The Middle East Leadership Awards and received the ISO 2700 Certificate.
For more information, visit www.gig-gulf.com and follow us on:
FOR MORE INFORMATION:
GIG:
Hayley Clements
Regional Communications Manager
+971 50 635 8194