Fitch Ratings has assigned an Insurer Financial Strength (IFS) Rating of 'BBB-' (Good), with the rating outlook stable.
The international credit rating agency said, “The rating of Oman Reinsurance Company reflects its good financial performance, capitalisation and reserving adequacy.”
Oman Re's CEO, Mr Romel Tabaja, commented, “We are pleased to announce the ‘BBB-’ rating from Fitch. It affirms the financial strength of the company and fulfils the commitment that we made to our stakeholders with respect to the restoration of our credit rating. We also take this opportunity to thank all our partners who supported us during the past six months.”
The rating announcement comes on the back of positive 1Q2019 results for the Muscat-based reinsurer. The company reported GWP of OMR 9.9m ($25.7m) for the first three months of this year, compared to OMR9.6m in the corresponding period of 2018. Oman Re recorded a net profit of OMR118,000 for 1Q2019.