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     Standard and poor upgrades the ratings of the OUIC to “BBB”:

    Jul 07, 2013 01:12 PM
    Standard and poor has announced upgrading the rating of the OUIC to “BBB” from “BBB-“. According to the S&P their rating reflects the company’s fair business risk profile and upper adequate financial risk profile, demonstrated by its adequate and strengthened competitive position and moderately strong capital and earnings. Further, according to S&P Oman united Insurance Company has an adequate competitive position, in which is illustrated by its high level of control over its distribution channels, its operating performance in line with peers, and exclusive exposure to the small, highly competitive, and catastrophe – exposed Omani market. The rating agency has pointed out that OUIC’s competitive position has strengthened the following implementation of new business strategies, which have supported high premium growth, averaging 30% per year over the past two years. The company has a clear and consistent strategy, which it has effectively implemented over the past three years. Further, according to the S&P capital of OUIC as per the current assessment is extremely strong and sufficient to support and for business growth expectations and will be at least commensurate with an 'AA' assessment to 2015. In S&P’s opinion, the company will maintain moderately strong capital and earnings which reflect positive future outlook for OUIC.