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Mar 2017 AM Best has withdrawn its rating from Gulf Re which terminated its operations in November 2016.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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