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DUBAI, United Arab Emirates Oman Insurance Co.'s financial-strength and counterparty credit ratings have been raised by Standard & Poor's Corp. to A- from BBB+.
The upgrade reflects the strategic importance of the Dubai-based commercial and personal lines insurer to its parent, MashreqBank (P.S.C.), and the benefit of group support it receives from the banking and insurance group, S&P said in a statement.
S&P assigned a stable outlook to Oman Insurance which, the rating agency said, assumes the insurer's underwriting performance will remain very strong, its combined ratio will remain under 90% and its strong competitive position in the United Arab Emirates can be maintained.