AM Best affirms rating of Everen-owned OSL

AM Best has affirmed the financial strength rating of A- (Excellent) of OCIL Specialty (Bermuda) (OSL). The outlook of the rating is stable.

The rating reflect OSL’s balance sheet strength, which AM Best said it assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

OSL is a recently formed re/insurer providing the capacity to support excess liability placements within the US energy insurance space. OSL began accepting business in April 2021 and as of November 30, 2022, completed its first full year of underwriting.

AM Best said the rating reflects OSL’s strategic importance to its parent company, Everen Specialty, along with its common ownership and management, and the implicit and explicit support provided to OSL by Everen Specialty.