Energy Industry Taps Bermuda Capacity
Bermuda Correspondent
Hamilton, Bermuda
Bermudas newest mutual, sEnergy Insurance, has been actively writing business interruption and excess property damage coverage since May 1 for its 14 energy industry members, including Bermuda-based Oil Insurance (OIL) and Oil Casualty Insurance (OCIL).
The company was formed when the global energy industry found itself stymied by an acute shortage of coverage in the area of business interruption after the Sept. 11 terrorist attacks. In an already-tight market, following a series of large energy industry losses in recent years, the loss of the World Trade Center was the final straw.
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