Arch Reinsurance has created a new unit, Arch Underwriters (Gulf), based in the Dubai International Financial Centre (DIFC).
According to the company Arch Underwriters will supplement Arch Re's existing operating entity in the DIFC, Gulf Re, which the company bought in May 2015 from its joint venture partner, the Gulf Investment Corporation.
The transaction will allow existing Gulf Re clients and brokers 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, Arch Underwriter’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."
Arch Reinsurance, Arch Underwriters (Gulf), Gulf Re, Dubai, EMEA