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.