Moody’s flips Gulf Insurance view to positive

Moody’s Investors Service said it revised the outlook for Gulf Insurance Group KSCP to positive from negative.

“The rating action follows the closing of the acquisition of AXA's operation in the Gulf Cooperation Countries (GCC) of Saudi Arabia, United Arab Emirates, Qatar, Oman and Bahrain. The transaction was first announced on Nov. 30, 2020, and was completed on Sept. 6, 2021, for a consideration of approximately $475 million, after obtaining all regulatory approvals,” the agency said in a press release.

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