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May 29, 2023

Fitch Affirms BB+ Rating for Oman Re, Revises Outlook to Positive

Oman Reinsurance Company (Oman Re), theSultanate of Oman’s sole reinsurer, reported that Fitch Ratings has affirmed its Insurer Financial Strength (IFS) rating at 'BB+' and revised the outlook from Stable to Positive. This optimistic development reflects Oman Re’s strong financial performance, adequate capitalization, robust risk management practices, and its commitment to providing exceptional reinsurance services to its clients.

While Oman Re’s investments are mainly concentrated in Oman by virtue of regulatory mandates, the Company’s well-diversified operations, prudent underwriting practices, strong capitalization, cautious reserving, and disciplined approach to risk management has played a significant role in the recent rating review exercise. The detailed press release can be found on the Fitch Ratings’ website.

The Company’s CEO, Romel Tabaja commented: "We are glad about Fitch Ratings' latest decision, which is a testament to our unwavering commitment to excellence, disciplined risk management, and strong financial standing.”

 He further added, "Oman Re has consistently demonstrated its ability to navigate through challenging market conditions and provided reliable reinsurance solutions to our valued clients.We remain dedicated to strengthening our position in the markets that we operate, expanding our portfolio to cater to evolving industry needs, and maintaining cordial relationships with our clients and partners."