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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