Best Downgrades Gulf Insurance Rating
NU Online News Service, June 26, 3:56 p.m. EDT, New York?A.M. Best has downgraded the financial strength rating of Gulf Insurance Group and its subsidiaries to "A" (Excellent) from "A-Plus" (Superior), citing its concern over the company's "underwriting deterioration, increased earnings volatility and its diminished standalone capitalization."
The lowered rating for Gulf Insurance Group, which is part of Travelers Property Casualty Corp., has a "stable" outlook, A.M. Best added.
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