HAMILTON, Bermuda, Dec. 23, 2011 /PRNewswire-Asia/ -- Oil Insurance Limited (OIL) announced today that on November 28, 2011, Standard and Poor's had affirmed its insurer financial strength rating of A- "Strong" with a Stable Outlook. "The insurer financial strength rating on the Bermuda-based Oil Insurance Limited (OIL) is based on OIL's very strong claims-paying resources, effective product for satisfying the goals of members' risk-management programs and very strong capitalization." Citing a number of other positive features of OIL, Standard and Poor's noted that "the most important element of OIL's competitive position is its members' commitment and the stability of its membership base."
Chief Executive Officer Robert Stauffer said, "OIL's property capacity will be increased to $300 million on January 1st and is critical cornerstone capacity for most of our members. Recognition by Standard and Poor's of the continued financial strength of our mutual is reassuring to our existing and prospective members."
George Hutchings, OIL's Chief Operating Officer stated, "In 2012 OIL celebrates its 40th year of continuous operation and this rating re-affirms the financial strength of our mutual as we continue to broaden our membership globally."
Oil Insurance Limited (OIL) insures approximately two trillion dollars of global energy property assets for more than fifty members with limits up to $300 million. 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.
Further inquiries regarding this press release should be directed to:
Barry Brewer, VP Marketing. barry.brewer@oil.bm +1-441-278-1132
