GIG says S&P updates outlook to ‘Positive’

Logo of Gulf Insurance Group (GIG)

Gulf Insurance Group (GIG)  announced that Standard & Poor’s (S&P), a global rating agency, updated the company’s outlook to “Positive” from “Stable”.

In a statement to Tadawul, the insurer explained that the change was made following the change in Gulf Insurance Group’s (GIG-Kuwait) outlook from “Stable” to “Positive” by S&P.

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GIG-Kuwait owns 50% of GIG Saudi.

According to data compiled by Argaam, GIG received a report from S&P in May confirming the company has been assigned a long-term financial strength rating of A-, with a stable outlook.