Log In

Reset Password
BERMUDA | RSS PODCAST

New energy reinsurer maintains excellent ratings

Ratings agency AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of Bermudian-based re/insurer Ocil Specialty Ltd.

The outlook of these credit ratings is stable.

The ratings reflect OSL’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

AM Best said OSL is a newly formed re/insurer providing the capacity to support excess liability placements within the US energy insurance space.

The company began accepting business in April.

AM Best said the ratings reflect OSL’s strategic importance to its parent company, Oil Casualty Insurance Ltd, along with its common ownership and management, and the implicit and explicit support provided to OSL by Ocil.

The very strong balance sheet assessment is based on OSL’s supportive risk-adjusted capital that meets AM Best’s guidelines for newly formed organisations; AM Best expects that OSL will maintain supportive risk-adjusted capital levels through its five-year start-up phase.

AM Best assesses OSL’s operating performance as adequate based on its clearly defined business plan that contemplates a level of implementation and execution risk for a newly formed entity.

The agency views OSL’s business profile as limited, given the execution risk associated with a start-up entity and its unproven business profile.

This risk is mitigated somewhat by the management team’s experience in the targeted business class, along with the parent company’s brand and track record of success.

AM Best said OSL has a clearly defined ERM structure guided by the parent company that benefits from management’s experience in its market niche.

AM Best: affirms ratings of Bermudian-based re/insurer OCIL Specialty Ltd

You must be Registered or to post comment or to vote.

Published December 10, 2021 at 3:51 pm (Updated December 12, 2021 at 6:13 pm)

New energy reinsurer maintains excellent ratings

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