A half-century old Bermuda mutual insurance group, established to support the global oil industry, is rebranding.

After transitioning many years ago to support not only oil, but wider energy projects, the Oil Group of Companies has now changed the name of its 50-year-old operating company, Oil Insurance Limited, to Everen.

Licensed only in Bermuda, the company only underwrites risks presented to it in Bermuda.

Meanwhile, associated company, Oil Casualty Insurance Limited will be called Everen Specialty.

The group is already a leader in global energy insurance and the rebrand is one of eight strategic initiatives included in its new 2022 five-year strategic plan.

The company said the new brands had been created to better reflect its steadfast dedication to existing members and to show its commitment to adapting to the overall direction of the continuously evolving energy sector.

The current composition of the group’s member companies and the breadth of their operations were at the forefront of the rebranding decision for boards and shareholders alike.

Everen said the structure of the renaming was purposely selected to reflect the continued close relationship between the two companies and their shareholder base.

Bertil Olsson, president and CEO of the group of companies, said: “It was important for this rebrand to reflect our current membership and our vision for energy technologies of today and tomorrow.

“Oil recently celebrated 50 years in business and Ocil’s history expands over 35 years, and while we are extremely proud of that legacy, we must continue to evolve and reposition the brands with our long-term strategic plans involving both traditional and new energy sources.”

The name Everen, shared by the group of companies, was constructed by combining the words “ever” and “energy”.

The company said the amalgamation of the two words defined the ever-changing landscape of the industry and represented the companies’ continued support of traditional assets and their commitment to growing with advancing technologies.

The group is now the Everen Group and the two operating companies, Everen Limited and Everen Specialty Limited, remain as separate entities.

Mr Olsson added: “Our new brands reflect our ongoing commitment to providing enduring cornerstone capacity, underwriting expertise, financial strength and operating excellence across our underwriting platforms for the benefits of our shareholders, insureds and re-insureds.

“With our new strategic plans and brands in place, Everen and Everen Specialty are ideally positioned for growth and success not only today but also, well into the future.”

John Weisner, Everen Limited chairman, said: “With the rapid changes in the energy industry and insurance markets, keeping pace with these changes and adapting the organisation to maintain our leading position is incredibly important and the new brand clearly demonstrates our commitment to execute on the key objectives under our strategic plan.”

John Talarico, Everen Specialty chairman, added: “The new brand shows commitment to long-term relationships with our partners across the property, casualty and reinsurance segments of our business and better reflects the diversity of our book which continues to grow and evolve.”