– Gulf Insurance Group (KSC) acquire sizeable stake of the UAE based insurance aggregator
3rd May, Dubai: yallacompare.com, the Middle East’s leading finance comparison site, has raised USD $4.25 million of fresh capital from Kuwaiti stock exchange listed, Gulf Insurance Group (KSC).
‘’gig’’(Gulf Insurance Group) is amongst the largest and most diversified insurance groups in the Middle East and North Africa region. gig is one of the leading private insurers (by gross premiums written) with a strong competitive market position in Kuwait, Jordan, Bahrain and Egypt.
Since its launch in 2011, yallacompare has built a dominant position in digital insurance sales in the UAE, accounting for more than 75% of online insurance transactions. Having recently announced partnerships with Smart Dubai, Etisalat, National Bonds and many others, the company says it expects to double its market share by the end of 2020.
yallacompare operates insurance aggregators in the UAE, Kuwait and Egypt and currently employs over 120 people between their Dubai and Egypt offices.
Jon Richards, CEO of yallacompare commented: “We are delighted to add gig as an investor and partner and have big plans for the next few years. I believe that the combination of gig’s regional and industry expertise and yallacompare’s digital capability will combine to deliver innovative products via customer friendly channels to consumers across the region. ’’
Richards continued: “We are all too aware of how fortunate we are to bring in fresh capital at this time and we very much appreciate the courage that gig have shown to invest in yallacompare in this turbulent economic climate. ’’
Commenting on the acquisition and occasion, gig Group CEO Mr. Khalid Al-Hasan said:
“I would like to congratulate everyone in gig and yallacompare with this new acquisition and expansion. I am confident that this partnership will return several success stories and prosperity between gig and yallacompare as well as our valuable customers and stakeholders. ’’
Mr. Khalid Al-Hasan continued “gig’s acquisition in yallacompare is an integral part of gig’s digitalisation strategy, which aims to strengthen its digital distribution channels and provide an online gateway for the group to expand its insurance and services reaching out to online costumers. gig is keen to strengthen and develop its digital services and this acquisition is a step for the group in the adoption of digitisation; the characteristic of this era. ’’
Previous investors in yallacompare include; STC Ventures, Wamda Capital, DSO, and New York based Argo Ventures.
About Gulf Insurance Group
Gulf Insurance Group is the largest insurance Group in Kuwait in terms of written and retained premiums, with operations in life and non-life as well as Takaful insurance. Gulf Insurance has become one of the largest insurance networks in the Middle East and North Africa with companies in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Syria, Iraq, Lebanon, Saudi Arabia and Emirates. Its reported consolidated assets stand at US$ 2.5 billion as at 31 December 2019.
KIPCO – Kuwait Projects Company – is Gulf Insurance Group’s largest shareholder, followed by the Canadian-based Fairfax Financial Holding Ltd.
Gulf Insurance Group enjoys the privilege of being the first triple-rated insurance group in Kuwait. The group holds a Financial Strength Rating of ‘A’ (Excellent) and issuer credit rating of ‘a’ with negative outlook from A.M. Best Europe – Rating Services Limited, a Financial Strength Rating of A- with stable outlook from Standard & Poor’s and an Insurance Financial Strength Rating (IFSR) of ‘A3’ from Moody’s Investors Service carrying a stable outlook.