A.M. Best Places Credit Ratings of Oman Reinsurance Company SAOC Under Review With Negative Implications
LONDON--(BUSINESS WIRE)--Aug 8, 2018--A.M. Best has placed under review with negative implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Oman Reinsurance Company SAOC (Oman Re) (Oman).
The Credit Rating (rating) actions follow the delay in Oman Re’s main shareholder, TrustInternational Insurance & Reinsurance Company B.S.C. (c) Trust Re (Trust Re), releasing its audited financial statements for the year ended 31 December 2017, due to additional regulatory requirements.
The under review with negative implications status reflects A.M. Best’s uncertainty regarding the financial position of Trust Re, in light of the delayed publication of its financial statements, and the impact this could have on Oman Re’s ratings, which benefit from rating enhancement from Trust Re.
The ratings will remain under review pending publication of Trust Re’s audited financial statements for year-end 2017 and A.M. Best’s subsequent assessment of the rating fundamentals of Oman Re.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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CONTACT: A.M. Best
Aneela Mather-Khan, CA
+44 20 7397 0319
Mahesh Mistry,+44 20 7397 0325
Senior Director, Analytics
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
KEYWORD: UNITED KINGDOM EUROPE OMAN MIDDLE EAST
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE
SOURCE: A.M. Best
Copyright Business Wire 2018.
PUB: 08/08/2018 11:26 AM/DISC: 08/08/2018 11:33 AM