Bermudian-based Oil Casualty Insurance, Ltd has announced that its subsidiary, OCIL Specialty Ltd, formed this year, has been assigned a financial strength Rating of A- and a long-term issuer credit rating of “a-“ by AM Best.

Further, OCIL Specialty Ltd., has also received notification from the US 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 licence requirement in the US.

Bertil Olsson, OCIL’s president and chief executive officer, said: “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.”

Jerry Rivers, OCIL’s chief operating officer, said: “Over the past 15 years, OCIL has seen its revenue grow by over 700 per cent, 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 US, beginning in the first quarter of 2021.”