Oil Insurance Limited Business Operations and Growth

Oil Insurance Limited has a strong presence in the oil and gas industry, with a wide range of insurance products designed to meet the unique needs of its clients. The company's business operations are built on a foundation of expertise and innovation.

The company's growth can be attributed to its ability to adapt to the ever-changing needs of the industry, with a focus on providing tailored solutions to its clients. Oil Insurance Limited has a dedicated team of professionals who work closely with clients to understand their specific needs and develop customized insurance plans.

With a global reach and a strong network of partners, Oil Insurance Limited is well-positioned to provide its services to clients across the world. The company's commitment to excellence and customer satisfaction has earned it a reputation as a trusted and reliable partner in the industry.

Oil Insurance Limited operates with a strong focus on membership and operations. Its members are comprised of the world's leading oil companies, which are responsible for paying premiums and receiving coverage.

The company's operations are centralized in Bermuda, where it is licensed to operate as an insurance company. This strategic location allows Oil Insurance Limited to take advantage of favorable tax and regulatory environments.

With a history dating back to 1979, Oil Insurance Limited has established a reputation for providing reliable and effective insurance solutions to its members.

Everen Limited has unveiled its brand-new visual identity, reflecting the company's heritage and commitment to the evolving energy sector. The name Everen was created by combining the words 'forever' and 'energy'.

The Everen logo features an overscore symbolizing long-term continuity and the everlasting priority to provide enduring capacity, while the underscore highlights the evolving focus on traditional and new energy assets. This new identity represents the company's commitment to the future of energy.

Everen Limited is the insurer of choice for the world's leading energy companies, insuring almost $4 trillion of global energy assets. The company was established in 1972 as a mutual insurer.

The mutual's shareholders consist of medium to large-sized energy companies in both 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.

Everen's new identity reflects the company's ability to adapt to the evolving industry and provide the best solutions for its members.

OIL Insurance Limited, a mutual insurance company in the energy industry, has announced that nine of its members have elected to withdraw from the company and not renew their policies, effective January 1, 2007.

The withdrawing members had gross assets representing approximately 12% of the weighted gross assets of $1.11 trillion insured by OIL immediately prior to withdrawal.

The total amount of avoided premium surcharges to be paid by the withdrawing members will be finalized at year-end and is estimated to total approximately $200 million.

These members represented virtually all of the business sectors in which OIL does business, including offshore energy, onshore energy, mining, and pipelines.

The company does not believe that the withdrawal of these shareholders has had or will have a material adverse effect on OIL Insurance.

Oil Insurance Limited has expanded its services to cater to the growing needs of the oil and gas industry.

The company now offers marine insurance, which provides coverage for vessels and cargo in transit. This is in addition to its existing insurance products for onshore oil and gas operations.

With this new service, Oil Insurance Limited has become a one-stop-shop for the oil and gas industry's insurance needs.

The marine insurance product is designed to mitigate risks associated with marine transportation, such as damage to vessels and cargo, as well as delays and losses due to unforeseen circumstances.

Oil Insurance Limited's marine insurance product is tailored to meet the specific needs of the oil and gas industry, including coverage for vessels, cargo, and equipment.

The company's expertise in the oil and gas industry has enabled it to develop a comprehensive understanding of the risks and challenges associated with marine transportation.

Oil Insurance Limited's new marine insurance product is available to clients across the globe, providing them with the necessary protection and peace of mind.