The rebranding is complete of an iconic Bermuda insurance mutual that has protected the interests of “Big Oil” for half a century and eventually became the mutual insurer for the broader energy industry.

Following the rebranding announcement, the newly renamed Everen Limited reveals its brand-new visual identity today.

Everen emerged from Oil Insurance Limited, whose acronym, Oil, was just so appropriate.

Headquartered in Bermuda, it has been the insurer of choice for the world’s leading energy companies, today insuring almost $4 trillion of global energy assets.

The company was established in 1972 as a mutual insurer, an innovative structure whereby its policyholders are also its shareholders and coverage is provided at cost.

Bertil Olsson, president and CEO, said: “It gives me great pleasure to introduce Everen’s new identity because it represents not only the company’s commitment to the future of energy but also our membership, what it is now and what it will be in the future.

“While we are very proud of the legacy of Oil, we are equally proud of our ability to adapt to the evolving industry and provide the best solutions for our members.

“The energy industry is quickly transitioning into new energy solutions alongside the traditional oil and gas-focused sectors.

“Our shareholders are investing heavily in renewable energy such as wind and solar as well as future sources and technology like hydrogen, renewable fuels, biofuels, biochemicals and carbon capture and sequestration.”

Everen offers its shareholders per occurrence property limits of up to $450 million across an extensive range of energy industry assets, from traditional oil and gas through to alternative industry segments such as renewables.

The mutual’s shareholders consists of medium to large-sized energy companies in the public and private sectors with a minimum of $1 billion per shareholder in physical property assets and an investment-grade rating or equivalent.

Everen is rated A by S&P and A2 by Moody’s.

The company said the new logo and elements of the brand have been designed to reflect the company’s heritage and its future commitment to the continuously evolving energy sector.

The name Everen, which was announced in June, was constructed by combining the words ‘forever’ and ‘energy’.

The company added: “The Everen logo was created to reflect an elevated sense of timeless energy and the design highlights the two amalgamated words that create the name.

“The overscore symbolises long-term continuity and the everlasting priority to provide enduring capacity and the underscore calls attention to the evolving focus and commitment to both traditional and new energy assets.

“The colours were carefully selected to communicate a sense of partnership and momentum with reliability and experience. The brand also includes a shorthand symbol, which may be seen when space is limited, and is recognisable from the overscore and underscore mentioned above.”

The new branding is currently being rolled out and will include a newly designed website to be launched later in the year. The improved site Everen.bm will provide an enhanced online experience for all stakeholders.