Gulf Re loses its rating
AM Best has withdrawn its rating from Gulf Re which terminated its operations in November 2016. Subsidiary of Arch Re, the company which is currently in run-off, mainly underwrote short-term risks in the area of the Gulf Cooperation Council.
In 2015, the reinsurer’s gross premiums written amounted to 42 million USD. Gulf Re, back then, was granted an A- (Excellent) rating for its financial soundness and an a- for its long-term credit rating.
Arch Re is hoping to pursue the commitments taken with the customers during the business winding up. Gulf Re is currently provided with a 90% pro-rata protection for all classes of business underwritten with the parent company.
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