OIL Insurance Welcomes Four New Members
Bermuda-based Oil Insurance Limited announced the signing of four new energy companies as members through the first seven months of 2013. They are Alon USA Energy, Inc, Anadarko Petroleum Corporation, Arena Energy, LP and Cenovus Energy Inc.
COO George Hutchings commented, “Interest in OIL by energy companies from around the globe continues to grow. Recent actions to increase OIL’s property limit to $300 million, implement changes to minimize potential pricing volatility, rewrite the Shareholders Agreement, Policy and Rating & Premium Plan, and improve our marketing efforts have had favorable effects on the OIL value proposition. OIL continues to evolve and respond to our members’ diverse needs and their global exposures.”
CEO Robert Stauffer stated, “There are now 56 energy company members participating in the OIL mutual with growing interest from international prospects. Our members seek the security and predictability of OIL’s significant $300 million cornerstone capacity, which offers ‘for interest limits’ for property damage, well control, re-drilling, pollution clean-up costs and terrorism among others.”
Oil Insurance Limited is a mutual insurance company that insures over two trillion dollars of global assets for its 50+ members who are engaged in energy operations.
