OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned a financial strength rating of B++ (Good) and an issuer credit rating of “bbb” to Gulf Insurance Limited (Gulf) (Port of Spain, Trinidad and Tobago). The outlook assigned to each rating is stable.
The ratings reflect Gulf’s supportive capitalization and long-standing presence in its operating territories, which are supported by a comprehensive reinsurance program. Offsetting these strengths are Gulf’s inconsistent overall results in recent years and the increasingly competitive regional markets in which it operates.
Gulf is a multi-line property and casualty insurer operating in several Caribbean markets with its main operating presence in Trinidad and Tobago and to a lesser extent, St. Maarten. Gulf is wholly owned by Assuria N.V. (Assuria), a Suriname domiciled financial services group. Assuria’s shares are publicly traded on the Suriname Stock Exchange. Gulf has operated in most of its markets for over 30 years and has established a high level of brand recognition. Gulf has historically employed disciplined underwriting and conservative risk management and pricing strategies; however, overall results have been inconsistent in recent years primarily because of significant write-offs associated with receivables from its prior ownership group. Gulf maintains solid risk-adjusted capitalization which supports underwriting, investment and business risks, as well as strategic objectives.
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