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’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”.
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 staff. The upgrade does acknowledge 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.”
Finally, S&P acknowledges the quality of the Management team, which is essential in driving the company’s positive development.
Tuesday, July 9- 2013 @ 11:09 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.