sEnergy Insurance Ltd. yesterday announced it had raised $200 million in a debt offering.

The energy insurer said the debt would be used to expand the company?s capital base, redeem a black of preferred shares and pay accumulated preferred share dividends.

The debt has a 30-year term with a ten-year non-call provision. sEnergy was formed in 2002 by Bermuda energy insurers Oil Insurance, Ltd. Oil Casualty Insurance Ltd. and a group of international energy insurance companies.

It was formed in response to a capacity shortage in the property and casualty sector and provides business interruption insurance, excess property damage and pollution liability insurance to its member companies.