AM Best Assigns Credit Ratings To OCIL Special
AM Best has assigned a Financial Strength Rating of A- [Excellent] and a Long- Term Issuer Credit Rating of “a-“ to OCIL Special Ltd, a recently formed subsidiary of Oil Casualty Insurance, Ltd.
A spokesperson said, “Oil Casualty Insurance, Ltd. [OCIL] has announced that its recently formed subsidiary, OCIL Special Ltd. [OSL], has been assigned a Financial Strength Rating of A- [Excellent] and a Long- Term Issuer Credit Rating of “a-“ by AM Best.
“Further, OCIL Specialty Ltd., has also received notification from the U.S. based International Insurance Department of the National Association of Insurance Commissioners, that they will be included in the January 2021 edition of the Quarterly Listing of Alien Insurers. This will provide the Company with the ability meet the excess and surplus lines license requirement in the U.S.”
OCIL’s President and Chief Executive Officer Bertil Olsson stated, “The creation of OSL as a class 3A licensed company by the Bermuda Monetary Authority earlier this year was a milestone for the Company as it executes upon its strategic initiatives. OSL will be our conduit in getting closer to many of OCIL’s existing energy customers as well as accessing a broader set of customers”.;
OCIL’s Chief Operating Officer, Jerry Rivers, noted, “Over the past 15 years, OCIL has seen its revenue grow by over 700% while simultaneously transforming the Company from a mono-line excess liability underwriter to a diversified insurance and reinsurance company within the energy industry. Along with a newly formed excess and surplus lines broker established in Texas, OSL is well positioned to deliver much needed capacity to energy industry clients in the U.S. beginning in the first quarter of 2021”
