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Article: Energy insurance capacity shrinks further; MutualAEs demise adds to strain.(News)(sEnergy Insurance Ltd.)
- Article from:
- Business Insurance
- Article date:
- April 17, 2006
- Author:
CopyrightCOPYRIGHT 2006 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: RUPAL PAREKH
HAMILTON, Bermuda-The already tight capacity for parts of the offshore energy insurance market was squeezed further last week with the announcement that Bermuda mutual insurer sEnergy Insurance Ltd. plans to shut down.
In a statement, sEnergy-one of three firms comprising the Hamilton, Bermuda-based OIL Group of Cos.-said that the move, which is effective on or about May 15, stems from "changes in the risk profile of the sEnergy pool and the external environment in which sEnergy has been operating.''
Created in 2002, the company was founded by 14 policyholder owners to secure reliable and affordable catastrophe business ...