Standard & Poor's upgrades GIG's outlook

Standard & Poor's (S&P) affirms Gulf Insurance Group's (GIG) "A-" issuer financial strength and credit ratings. The outlook went from "developing" to "positive".

The rating and upward revision of the outlook follow the completion of the Kuwaiti group's acquisition of AXA's operations in the Gulf region. S&P also justifies its decision by the 50 million KWD (165.925 million USD) increase of the company's share capital.

According to the rating agency, the transaction allows GIG to strengthen its competitive position and its overall business profile. S&P expects the deal to position the group among the top three stakeholders in the region with a turnover of 2.3 billion USD.