Oil Insurance Upgraded By Standard & Poors
S&P Global Ratings raised its long-term financial strength and issuer credit ratings on OIL to ‘A’ from ‘A-’ and its issue-level rating to ‘BBB+’ from ‘BBB’. The outlook is stable.
Bertil C. Olsson, President & CEO, commented that “over the past several years the Board, management and staff have done an exceptional job managing the financial affairs of the company and S&P have recognized these efforts as well as OIL’s unique value proposition and financial strength and we are pleased to see this reflected in our improved rating.”
George Hutchings, Senior Vice President & COO, stated that “the higher rating should create an immediate benefit to our members by way of reduced capital costs particularly in their captives, improved security and a general recognition that their company is in excellent financial health.
“The upgrade is the culmination of a great deal of hard work by everyone at OIL to have the company recognized for its dramatically improved financial strength over the past thirteen years.”
