NOVEMBER 22, 2010 08:00 AM (EST)
A.M. Best Assigns Ratings to Oil Casualty Insurance, Ltd
|Thomas Herriger |
Senior Financial Analyst
(908) 439-2200, ext. 5375
Steven Chirico, CPA
Assistant Vice President
(908) 439-2200, ext. 5087
Senior Manager, Public Relations
(908) 439-2200, ext. 5378
Assistant Vice President, Public Relations
(908) 439-2200, ext. 5644
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - NOVEMBER 22, 2010 08:00 AM (EST)
A.M. Best Co. has assigned a financial strength rating of A- (Excellent) and issuer credit rating of "a-" to Oil Casualty Insurance, Ltd (OCIL) (Pembroke, Bermuda). The outlook assigned to both ratings is stable.
OCIL's ratings reflect its superior capitalization, balance sheet strength, generally profitable operating performance and the role it plays as an insurance company dedicated to providing excess general liability insurance programs to its member companies and participants in the energy industry. Partially offsetting these positive factors is that the source of OCIL's business is limited to hazards, with the potential for a substantial loss for its insureds and, consequently, for the enterprise.
OCIL writes excess general liability insurance throughout the United States and throughout the world.
A.M. Best remains the leading rating agency of captive insurers rating a wide variety of more than 200 captives in the United States and throughout the world.
For current Best's Credit Ratings and independent data on the captive and alternative insurance market, please visit Best's Captive Center.
The principal methodology used in determining these ratings is Best's Credit Rating Methodology - Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best's rating process and highlights the different rating criteria employed. Additional key criteria utilized include: "Risk Management and the Rating Process for Insurance Companies"; "Understanding Universal BCAR"; "A.M. Best's Rating Methodology for Captive Insurance Companies"; and "A.M. Best's Ratings & the Treatment of Debt." Methodologies can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.