A.M. Best has upgraded the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a” of Orient Insurance PJSC (Orient) (United Arab Emirates). The outlook for the FSR remains stable.
Excerpts from the report
“The Credit Ratings (ratings) reflect Orient’s balance sheet strength, which A.M. Best categorises as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The revised Long-Term ICR outlook reflects the track record of consistently outperforming the market’s operating performance, which has been largely free of material fluctuations despite severe competition in the UAE market”.