HAMILTON, Bermuda, December 10, 2010 /PRNewswire/ -- Oil Insurance Limited (OIL) announced today that Standard and Poor's has affirmed OIL's financial rating of A- "Strong" with a Stable Outlook. "The insurer financial strength rating on the Bermuda-based Oil Insurance Ltd. (OIL) is based on OIL's very strong claims-paying resources, effective product for satisfying the goals of members' risk-management programs, strong financial flexibility, and very strong capitalization."
Chief Executive Officer Robert Stauffer said "Our $250 million property capacity is critical cornerstone capacity for most of our members. Recognition by Standard and Poor's of the financial strength of our mutual is reassuring to our existing and prospective members."
George Hutchings, OIL's Chief Operating Officer stated "This rating affirms the financial strength of our mutual as we begin the process of attracting new members to broaden our membership globally."
Oil Insurance Limited (OIL) insures nearly two trillion dollars of global energy property assets for more than fifty members with limits up to $250 million. In the aggregate OIL currently provides the energy industry with more than eleven billion dollars of property coverage. Products offered include Property (Physical Damage), Windstorm, Non Gradual Pollution, Control of Well, Terrorism, Construction and Cargo. The industry sectors that OIL insures include Offshore and Onshore Exploration & Production, Refining and Marketing, Petrochemicals, Mining, Pipelines, Electric Utilities and other related energy business sectors.
SOURCE OIL Insurance Limited (OIL)