Messenger
KUWAIT CITY, Jan 23: The Insurance Regulatory Unit, with the cooperation of the Traffic Operations Sector, issued an updated list of companies approved to issue an insurance policy for civil liability arising from third-party traffic accidents, reports Al-Anba daily.
This came within the framework of the joint cooperation and coordination between the General Department of Public Relations and Security Media at the Ministry of Interior and the Insurance Regulatory Unit in order to develop the procedures and mechanisms for issuing vehicle insurance (third-party car insurance), which is the minimum legal level of cover needed to drive a car.
The companies that have been approved are – Kuwait Insurance Company, Warba Insurance Company, Bahrain Kuwait Insurance Company, Kuwait Qatar Insurance Company, Arab Insurance Company, T’azur Takaful Insurance Company, KFH Takaful Insurance Company, Burgan Takaful Insurance Company, Gulf Insurance Group, First Takaful Insurance Comp
2020-12-04T08:41:00+00:00
AM Best has placed under review with developing implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of Gulf Insurance Group K.S.C.P. (GIG) (Kuwait) and its subsidiary, Gulf Insurance and Reinsurance Company K.S.C. (Closed) (Kuwait).
The Credit Rating (rating) actions follow the announcement on 30 November 2020, that GIG has signed a purchase agreement to acquire 100% of AXA Insurance (Gulf) B.S.C. (c) (Bahrain), 50% of AXA Cooperative Insurance Company (Saudi Arabia) and 28% of AXA Green Crescent Insurance Company PJSC (United Arab Emirates) for consideration of USD 475 million. A capital injection will be provided to GIG, by its existing shareholders, to help fund the acquisition. The balance is expected to be funded through bank debt, and the earnings of the target companies following year-end 2020.