S&P’s cited the progress made by Oman Insurance (OIC) in reducing its exposure to high risk assets beyond S&P’s expectations, material reductions in financial leverage, increased awareness of enterprise risk management, extremely strong capital adequacy and strong financial risk profile as key factors in their ratings change decision.
“The upgrade acknowledges our stated objectives of i) de-risking our investment portfolio, ii) strengthening our balance sheet and capital structure and iii) focusing on long-term growth and geographical diversification” said Patrick Choffel, OIC’s Chief Executive Officer. “It also recognizes our operational performance, strong earnings momentum while undertaking significant organizational changes. OIC is ending 2012 with two major international rating agency upgrades, a rare accomplishment in the current business environment. AM Best raised OIC’s rating from A Excellent negative outlook to A Excellent stable outlook in August of this year. These changes and our continued investment in our business will help OIC to achieve industry leading revenue growth and profitability.”
Mr. Choffel further added “OIC’s operating performance is wholly supported by the new management team which has shown commitment and alignment with our stated objective. The board of directors of OIC is also committed to the new team in their pursuit of growth, improved service and stakeholder returns. Now more than ever, we believe OIC is better positioned to meet the needs of today’s informed customer. This upgrade is very welcome news, as it helps us provide better service and greater security to a growing number of corporate and individual customers across the region. The combination of extensive customer offerings, sound financial management and integrity positions OIC as the regional insurer of choice.”
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