OSIL was asked to provide a particularly robust monitoring system able to survive the length of the entire project, whilst coping with the extremely difficult local conditions, such as extremes of temperature, high data rates and high vessel traffic.
To meet the demands of this project, OSIL has provided a number of 1.
The rating downgrades for OSIL are due to the significant reduction in the company's risk-adjusted capitalisation as a result of weak operating performance in 2010 and 2011 and the anticipated withdrawal of capital from OSIL to its parent by way of dividends.
The ratings of Omega, OSIL and Omega US were placed under review with negative implications on 29 March 2011 following the announcement by Omega of a materially weaker than expected operating performance in 2010, which raised concerns regarding the group's risk management processes.
The ratings of Omega and OSIL had been placed under review reflecting the uncertainty regarding Omega's board composition, operational management and future strategy.
The ratings of OSIL reflect the expectation that its risk-adjusted capitalisation will remain excellent in 2010, as the company continues to benefit from the funds transferred from Omega following a successful capital-raising exercise at the end of 2008.
OSIL derives approximately 60% of its gross premiums from Lloyd's Syndicate 958 (managed by Omega Underwriting Agents Limited), and its results are therefore likely to benefit from the profitability of the syndicate, which has a good earnings record.
Best believes that OSIL will continue to benefit from the strong market profile of Omega and Lloyd's Syndicate 958.
Best believes that OSIL
will continue to benefit from the strong market profile of OIH and Lloyd's Syndicate 958 (managed by Omega Underwriting Agents Limited), through its reinsurance arrangements with OIH's insurance operations.
The syndicate continues to benefit from a 20% whole account quota share reinsurance arrangement with OSIL
Best believes that OSIL
is likely to maintain excellent risk-adjusted capitalisation at year-end 2007 and 2008, supported by robust net retained earnings.
The ratings of OSIL
reflect its excellent prospective risk-adjusted capitalisation, strong expected performance and strong business profile linked to its ultimate parent company, Omega, and its Lloyd's operation (Lloyd's Syndicate 958).