28 February 2017News

Arch Re forms Dubai venture offering higher rated paper

Bermuda-based Arch Reinsurance has formed a new entity called Arch Underwriters (Gulf) which is based in the Dubai International Financial Center (DIFC).

The new unit will supplement Arch Re's existing operating entity in the DIFC, Gulf Re, which the company acquired in May 2015 from its joint venture partner, the Gulf Investment Corporation.

As part of the transaction, the existing Gulf Re clients and brokers will be able to renew through Arch Underwriters (Gulf), with the more highly rated paper of Arch Re Bermuda.

The current Gulf Re underwriting team will continue to service all the in-force business of Gulf Re from its offices situated in the DIFC.

Shankar Majrekar, AUGL's senior executive officer, said: "When we stepped back and considered the best value proposition to Gulf Re's GCC clients of, it made sense to provide Arch Re’s A+ rated balance sheet directly to our cedants, given Arch Re's 100 percent ownership of Gulf Re."

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More on this story

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26 April 2017   Arch Capital Group enjoyed improved profits and strong growth in the first quarter of 2017 mainly driven by the strong performance of its growing mortgage business. Its reinsurance unit shrank slightly.
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27 February 2017   Deanna Mulligan, the CEO of Guardian Life Insurance Company of America, has stepped down from the board of directors of Arch Capital Group.
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14 February 2017   Bermuda-based Arch Capital has announced that its full year 2016 results saw a slight rise in profits of just two percent from its 2015 results, despite significant premium growth.