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FOR IMMEDIATE RELEASE
LONDON - AUGUST 08, 2018 11:02 AM (EDT)
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, Trust International 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 Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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