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

Oman Reinsurance Company (Oman Re), the Sultanate’s sole reinsurer, announced that Fitch Ratings, a leading global credit rating agency, has upgraded the Company’s Insurer Financial Strength (IFS) Rating to ‘BBB’ from ‘BBB-’, with a Stable Outlook.

The rating upgrade reflects reduced investment and asset risk, supported by the recent upgrade of the Sultanate of Oman’s sovereign credit rating, as well as Oman Re’s sound capitalisation, good earnings profile and robust risk management framework. Fitch also highlighted the Company’s prudent reserving practices, strong reinsurance programme, disciplined underwriting and improving financial performance as key supporting factors.