Trust Re results delay affects Oman Re
AM 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 (Oman Re).
The Credit Rating actions follow the delay in Oman Re’s main shareholder, Trust International Insurance & Reinsurance Company (Trust Re), releasing its audited financial statements for the year ended Dec. 31, 2017, due to additional regulatory requirements.
The under review with negative implications status reflects AM 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.
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