S&P raises Oil Insurance rating to A

  • Bertil Olsson: chief executive officer of the Oil Group of Companies

    Bertil Olsson: chief executive officer of the Oil Group of Companies


Bermudian-based Oil Insurance Ltd, a mutual insurer for the energy industry, has had its financial strength rating raised to A from A- by Standard and Poor’s Global Ratings.

S&P also raised Oil’s issue-level rating to BBB+ from BBB. The outlook is stable.

Bertil Olsson, Oil’s chief executive officer, said that “over the past several years the board, management and staff have done an exceptional job managing the financial affairs of the company and S&P have recognised these efforts as well as Oil’s unique value proposition and financial strength and we are pleased to see this reflected in our improved rating”.

George Hutchings, Oil’s chief operating officer, said that “the higher rating should create an immediate benefit to our members by way of reduced capital costs particularly in their captives, improved security and a general recognition that their company is in excellent financial health.

“The upgrade is the culmination of a great deal of hard work by everyone at Oil to have the company recognised for its dramatically improved financial strength over the past 13 years.”

Oil insures the risk of its more than 50 energy industry members.

You must be registered or signed-in to post comment or to vote.

Published Sep 11, 2018 at 3:43 pm (Updated Sep 11, 2018 at 3:43 pm)

S&P raises Oil Insurance rating to A

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    Today's Obituaries

    eMoo Posts