Oman Reinsurance Company (Oman Re), the Sultanate’s sole reinsurer, announced that Fitch Ratings, aleading global credit rating agency, has revised its Outlook on the Company’sInsurer Financial Strength (IFS) Rating to Positive from Stable, while affirming the IFS Rating at 'BBB-'.
This revised Outlook reflects improved investment and asset risk, in line with the positive trend inOman’s sovereign rating, as well as the continued consolidation of Oman Re’s capitalisation and financial performance. Fitch further highlights Oman Re’s strong re insurance practices, prudent investment strategy, strong capital adequacy, conservative reserving and robust risk management as supporting factors.
For more details, refer to the official Fitch Ratings release:
Dr. Juma Bin Ali Al Juma, Chairman of Oman Re, commented:
“The Positive Outlook assigned by Fitch Ratings is a strong endorsement of Oman Re’s continued progress in building a resilient and well-diversified reinsurance business. The affirmation of our ‘BBB-’ IFS rating reflects the Company’s disciplined execution, robust capital base and sound underwriting performance in addition to the outcomes of the efforts of the Government of the Sultanate of Oman in adopting wise financial policies to improve the Sultanate's sovereign rating.We view this development as a strong validation of the strategic direction we have set and remain committed to the actions required to support a future rating upgrade, while further strengthening Oman Re’s position as a reliable and forward-looking reinsurer.”
