OCIL Launches New Property Insurance
Bermuda-based Oil Casualty Insurance, Ltd. [OCIL] announces the introduction of a new line of insurance. Beginning in December, the Company began writing all risk property insurance on a direct and facultative reinsurance basis for energy companies.
OCIL’s diversification into property insurance is being led by Rolf Fischer; previously underwriting for ACE [Bermuda]. OCIL’s objective is to develop a book of onshore and offshore energy business using OCIL’s Bermuda based distribution channel. Adding property to OCIL’s product portfolio will provide greater diversification and scale for the Company.
OCIL’s targeted underwriting segments for property include; refining & marketing, petrochemical & chemical, integrated oil, exploration & production, pipelines, utilities and mining companies. Property and business interruption coverage will be provided for both operational and construction exposures.
With the introduction of direct property to OCIL’s product portfolio, the Company now has a diversified risk profile which includes excess liability, excess property, and property/casualty reinsurance.
Great stuff… Keep on keeping on!!!