Bertil Olsson, a Swedish insurance industry veteran, will become the new chief executive officer of the Bermuda-based Oil Group at the start of next year.

He will succeed Robert Stauffer, who last October announced his plans to retire from the specialist energy insurer.

Mr Olsson joins Oil from Marsh & McLennan, where he was managing director and head of the south central region for Marsh USA.

Mr Olsson attended the Royal Swedish Naval Academy before earning a law diploma from the University of Lund, specialising in maritime law and international arbitration.

A statement from Gerard Naisse, the chairman of Oil Insurance Ltd and Theo Guidry, the chairman of Oil Casualty Insurance, said: “We are pleased to have Bertil at the helm of our operations going forward and expect a smooth transition between now and Bob’s retirement in early January next year.

“Bertil is a well known and highly respected energy insurance professional and brings with him a wealth of energy insurance experience and knowledge.

“We are confident that he will provide effective leadership within the executive team to continue to grow our respective businesses.”

As a mutual, Oil is owned by the energy companies that it insures.