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October 11, 2023

Fitch Upgrades Oman Re’s IFS Rating to ‘BBB-‘ with Stable Outlook

Oman Reinsurance Company (Oman Re), the Sultanate of Oman’s sole reinsurer, reported that Fitch Ratings, a leading global credit rating agency, has upgraded the Company’s Insurer Financial Strength (IFS) Rating to investment grade 'BBB-' with Stable Outlook. The rating action follows the upgrade of Oman’s Sovereign credit rating.

The revised rating also reflects the improving asset risk, positive underwriting performance, sound profitability, good capitalization and prudent reserving of the Company. For comprehensive details, please refer to the press release available on Fitch Ratings' website.

The CEO of the Company, Romel Tabaja, stated, "We are pleased to announce the upgrade to ‘BBB-’ rating from Fitch Ratings.  It affirms the financial strength of the Company and indicates the continuous improvements in the operating performance as well as the solvency and risk management of Oman Re. The positive tailwinds in Omani Sovereign rating has also helped in achieving an investment grade rating. "