18/10/2018 07:54 AST

Rating agency S&P has reaffirmed the A- Stable rating for Oman Insurance Company (OIC), an important insurance player in the Gulf Cooperation Council (GCC).

It is one of the UAE’s leading insurers, and the rating reflects the company’s extremely strong capital adequacy, diversified book of business, extensive distribution network and competitive position.

With a market share in the UAE of some 18 per cent by 2017 year-end, OIC continues to grow in a highly competitive market, while focusing on service excellence, profitable underwriting and strong enterprise risk management. Additionally, its longstanding relations with international insurers and reinsurers positively complement the local insurer’s offering and strength.

Commenting on the "Stable" outlook, S&P’s report highlights that “the company’s capital adequacy will remain at the "AAA" level and support its business growth and diversification plans over the next two years".

Jean-Louis Laurent Josi, Chief Executive Officer at OIC, said, “Our rating is not only a reflection of OIC’s strong capital basis and our ability to protect our clients, but also reflects the quality of our services and our products. Our clients, as well as our business partners trust in OIC’s over 40-year history and they enjoy our capabilities that make us a leading insurer in this market."

"The success is also the result of the work of exceptional teams and I am very confident that with the OIC teams and our partners, we will continue to improve the customer experience, while further strengthening the company,” he added.

Times of Oman

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