Oman Re's GWP up 3% to $25.7m in 1Q2019
Source: Middle East Insurance Review | Jul 2019
Oman Re achieved GWP of OMR9.9m ($25.7m) as at 31 March 2019, an increase of 3% over the same period last year, despite losing its rating prior to the major renewals.
The company finished the quarter with a net profit of OMR118,000, compared to OMR233,200 in the first quarter of 2018, largely due to the strong performance of investment income (1Q2019: OMR302,300 vs 1Q2018: OMR231,500).
The Oman-based reinsurer reported an aggregate combined ratio of 104.4%, compared to a budgeted combined ratio of 99.2%, indicating an underwriting loss for the period.
Oman Re CEO Romel Tabaja said, “We are pleased with our very strong investment results in the first quarter of 2019. As a result, and in spite of an underwriting loss due to frequent attritional claims and the impact of the loss of rating on the renewal of some profitable lines of business, we managed to finish the quarter with a profitable performance.”
In addition, and in line with its vision to provide ‘Reinsurance Protection beyond Expectations’, Oman Re said it is working hard to obtain a decent rating. Furthermore, it has signed an A- coverholder agreement with a strategic partner, which will enable it to improve the quality of business written. M
OMR1 = $2.60