Oil Casualty gets A- Rating from Best

November 22, 2010

Today [Nov 21]A.M. Best Co. has assigned a financial strength rating of A- (Excellent) and issuer credit rating of “a-” to Oil Casualty Insurance, Ltd (OCIL). The outlook assigned to both ratings is stable.

The rating is the first that A.M. Best has assigned to the Bermuda-based energy market excess general liability insurer.

A.M. Best says “OCIL’s ratings reflect its superior capitalization, balance sheet strength, generally profitable operating performance and the role it plays as an insurance company dedicated to providing excess general liability insurance programs to its member companies and participants in the energy industry. Partially offsetting these positive factors is that the source of OCIL’s business is limited to hazards, with the potential for a substantial loss for its insureds and, consequently, for the enterprise.”

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