S&P affirms OIL’s ratings at A-
Bermuda-based energy industry mutual insurer Oil Insurance Ltd (OIL) announced on Friday that Standard and Poor's has affirmed OIL's financial rating of A- (strong) with a stable outlook.
The affirmation is based on OIL's very strong claims-paying resources, effective product for satisfying the goals of members' risk-management programmes, strong financial flexibility, and very strong capitalisation.
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 said: “This rating affirms the financial strength of our mutual as we begin the process of attracting new members to broaden our membership globally.”