Oil Casualty secures rating and regulatory boost for new energy unit
Bermuda-based Oil Casualty Insurance (OCIL) has taken another important step forward in terms of its diversification plans by securing a rating and an important regulatory approval for its new subsidiary that will target clients in the energy industry.
OCIL Special (OSL), a subsidiary of OCIL, has secured a financial strength rating of A- (Excellent) from AM Best. It also received notification from the US-based International Insurance Department of the National Association of Insurance Commissioners, that it will be included in the January 2021 edition of the Quarterly Listing of Alien Insurers.
This will provide the company with the ability meet the excess and surplus lines license requirement in the US.
Bertil Olsson, OCIL’s president and CEO said: “The creation of OSL as a class 3A licensed company by the Bermuda Monetary Authority earlier this year was a milestone for the company as it executes upon its strategic initiatives. OSL will be our conduit in getting closer to many of OCIL’s existing energy customers as well as accessing a broader set of customers.”
Jerry Rivers, OCIL’s chief operating officer, noted: “Over the past 15 years, OCIL has seen its revenue grow by over 700 percent while simultaneously transforming the company from a mono-line excess liability underwriter to a diversified insurance and reinsurance company within the energy industry.
“Along with a newly formed excess and surplus lines broker established in Texas, OSL is well positioned to deliver much needed capacity to energy industry clients in the US beginning in the first quarter of 2021.”