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Dubai, UAE, 9 July 2013
Following a recent review of Oman Insurance Company (OIC), Standard & Poor's (S&P) has revised the outlook to Positive from Stable and re-affirmed the 'A-' rating.
In upgrading the outlook, S&P cited OIC’s ability to “maintain extremely strong capital adequacy over the rating horizon and the company's commitment to maintaining a more conservative investment stance through asset diversification”.
The positive outlook also reflects S&P's expectation that the “likely diversification of OIC's risk exposure outside of the UAE could improve its competitive position”. In the announcement, S&P did mention that they may raise the ratings if “Oman Insurance Company’s strategic expansion sustainably improves its business risk profile through diversification”. Indeed, S&P noted that they “expect the company's expansion strategy could help mitigate this risk over time if international operations are able to provide a sustainable competitive advantage to Oman Insurance”.
Finally, S&P acknowledges the quality of the Management team, which is essential in driving the company’s positive development.
Mr. Patrick Choffel, CEO of Oman Insurance Company said: “We are pleased that S&P has improved our rating. It is a credit to all OIC employees and in particular to our strong Management team. The upgrade acknowledges OIC’s constant improvement, efficient risk management, and sound financial investment. For our clients, it means that we have the financial strength to be there when they need us most. Our current progress is to make OIC a preferred insurance partner”.
Oman Insurance Company (OIC) is the largest insurance company in the UAE with operations across all emirates as well as in neighboring Oman, Qatar, Turkey and Iraq.
Established in 1975, OIC is a multi-line composite insurer. The company is rated A- by S&P and A Excellent by AM Best. Supported by leading global Reinsurers like Swiss Re, Ace Tempest Re, Lloyds, Everest Re, Scor, Hannover Re, Generali etc, OIC underwrites all types of risks in General, Life & Health insurance and customizes coverage to meet customer’s needs.
OIC is the winner of several coveted awards and certifications and the latest being the prestigious AON-Hewitt Employer of the year award (2010).
© 2011 Oman Insurance Company
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