A.M. Best Affirms Ratings of Gulf Insurance Limited.

OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and assigned an issuer credit rating (ICR) of "a-" to Gulf Insurance Limited (Gulf) (Trinidad). The outlook for the FSR is stable, and the outlook assigned to the ICR is stable. These rating actions are as of March 13, 2008.

The ratings reflect Gulf's historically profitable operating performance, adequate capitalization and strategic geographic spread of risk. Gulf is a multi-line property/casualty insurer operating in several Caribbean markets with its main operating presence in Trinidad and Tobago, St. Maarten and the British Virgin Islands.

Gulf has historically reported consistent operating profits as a result of disciplined underwriting and conservative risk management and pricing strategies. This has enabled Gulf to continue to enhance its capitalization, which remains adequate for its current business profile when measured by Best's Capital Adequacy Ratio. Gulf's main business segments are automobile, property and accident. The company's distribution network is comprised of a network of agencies, branches and brokers throughout the Caribbean.

Partially offsetting these strengths are Gulf's limited financial flexibility, the increasingly competitive regional markets in which it operates and the company's significant reliance on reinsurance.

For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.