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TMCNet:  AM Best Withdraws Credit Ratings of Oman Reinsurance Company SAOC

[December 05, 2018]

AM Best Withdraws Credit Ratings of Oman Reinsurance Company SAOC

AM Best has withdrawn the Financial Strength Rating (FSR) of B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "bbb-" of Oman Reinsurance Company SAOC (Oman Re) (Oman). At the time of the withdrawal, these Credit Ratings (ratings) were under review with negative implications.

The ratings of Oman Re have been withdrawn following the withdrawal of the ratings of its major shareholder, Trust International Insurance & Reinsurance Company B.S.C. (c) Trust Re (Trust Re). Oman Re's ratings have historically considered the financial strength of Trust Re.

Trust Re's ratings were withdrawn as it had not provided the necessary financial information required by AM Best to support an ongoing credit opinion of the company, consistent with AM Best's rating criteria.

AM Best's procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, a final rating opinion could not be produced for Oman Re due to the absence of sufficient and reliable financial information on Trust Re.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, includingdetails of the office responsible for issuing each of the individual ratings referenced in this release, please see AM 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 AM Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


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