Oil Insurance Ltd (OIL) announced yesterday that its insurer financial strength rating of A- “strong” has been affirmed by Standard & Poor’s Ratings Services with a stable outlook.The insurer financial strength rating on OIL was based on its strong claims-paying resources, effective product for satisfying the goals of members’ risk-management programs and strong capitalisation, said S&P.Citing a number of other positive features of Oil, the ratings agency said that the most important element of the company’s competitive position was its members’ commitment and the stability of its membership base.OIL CEO Robert Stauffer said: “OIL’s property capacity will be increased to $300 million on January 1 and is critical cornerstone capacity for most of our members. Recognition by Standard and Poor’s of the continued financial strength of our mutual is reassuring to our existing and prospective members.”George Hutchings, OIL’s Chief Operating Officer, said: “In 2012 OIL celebrates its 40th year of continuous operation and this rating re-affirms the financial strength of our mutual as we continue to broaden our membership globally.”