Arab Union Re obtains a B rating from AM Best

The reinsurer Arab Union Re (AURe) was awarded, by AM Best a B (correct) rating for its financial soundness. Its credit rating is bb +. The outlook is stable for both ratings. AURe is equally owned by the States of Syria and Libya. The company is headquartered in Damascus and has an office in Tripoli. A legal cession of 10% on all deals shall be paid in each of these countries. According to AM Best, AURe is benefiting from growth on its local markets, but has difficulty in attracting business outside these areas. The 2009 turnover amounts to 28 billion USD.