A.M. Best announced that it has affirmed the financial strength rating of ‘A-’ (Excellent) of Gulf Insurance Limited, which operates from Port of Spain, Trinidad, and has assigned the ratings a stable outlook.
“The rating of Gulf reflects its consistent favorable operating performance, solid balance sheet and its diverse territory and product offering,” said Best. “These factors have positioned the company to better serve the unique needs of its clients in a large marketing region. Further, Gulf incorporates a conservative business approach in risk selection and underwriting, which is further enhanced by its strong distribution network of agents and brokers. Gulf also maintains comprehensive reinsurance programs that adequately support its risk portfolio.”
The rating agency noted that “Partially offsetting these rating factors is the ongoing exposure to weather-related catastrophic events and the corresponding major support from international reinsurers to protect earnings and provide capital relief.” It also said it expects that “Gulf will be challenged in the near term with higher reinsurance costs attributed to a hardening reinsurance market.”
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