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OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” 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 categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The strong level of balance sheet strength is derived from very strong risk-adjusted capitalization, adequate liquidity and loss reserves, and is supported by positive earnings. However, the assessment of the balance sheet is limited by the company’s small size. In addition, Gulf is highly dependent upon quality third party reinsurers to protect shareholder equity from catastrophic loss.

Gulf’s business profile is considered limited due to its significant concentration of property and motor risks in its domestic Trinidad and Tobago market. This market is considered to be very mature and highly competitive, providing the company with limited opportunities for organic growth. Gulf is a long-standing insurer, having operated in this market for over 45 years, and has achieved a high level of brand recognition. As such, its risk management capabilities are deemed to be appropriate, although a formal ERM program continues to evolve.

Although slightly diminished, concerns persist relative to the macroeconomic and fiscal challenges faced by the ultimate parent, Assuria N.V. (Assuria) (Suriname), and the potential financial strain that could be imposed on Gulf’s balance sheet in the event that Assuria is impacted negatively.

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

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Ricardo Longchallon
Senior Financial Analyst
+1 908 439 2200, ext. 5676
[email protected]

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
[email protected]

Sharon Pereira Marks
Associate Director
+1 908 439 2200, ext. 5477
[email protected]

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
[email protected]

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