AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Gulf Insurance Limited (Gulf) (Trinidad and Tobago). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Gulf’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

The ratings reflect Gulf’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), with offsetting favorable drivers that are partially derived by the company holding a large portion of its fixed income securities in Trinidad & Tobago government issues. The remainder of its investment portfolio consists of marketable securities and a large allocation that is weighted in cash and short-term instruments, lending to a fairly liquid balance sheet. The company’s reinsurance programs are with high-quality reinsurance partners to ensure capital preservation from potential catastrophic events. AM Best recognizes that similar to its Caribbean insurer peers, Gulf has a high dependence on reinsurance to manage capital exposure to catastrophe events.

Gulf’s operating performance has been favorable; however, a modest decline in 2024 was attributed to high dollar claims. The longer-term trend of earnings is more consistent and driven by underwriting, fee and investment income. The company’s five-year average return-on-equity ratio is solid when compared with its Caribbean industry peers.

Gulf offers a wide range of general insurance products and has a long-standing presence and brand recognition in its operating territories. There is a concentration of business within its primary domicile of Trinidad & Tobago with 60% of its gross premium written derived from this territory. However, with the support of its ultimate parent, Assuria N.V. (Assuria), the largest financial institution in Suriname, Gulf can leverage the Assuria brand name to enhance its operations.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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