Mutual insurance company Oil Insurance Limited has rebranded itself as Everen, while Oil Casualty Insurance will now be called Everen Specialty.
In a statement, it was said that the new brands have been created to better reflect the companies’ steadfast dedication to their existing members and to show their commitment to adapting to the overall direction of the continuously evolving energy sector.
Bertil Olsson, President & CEO of the group of companies, says, “It was important for this rebrand to reflect our current membership and our vision for energy technologies of today and tomorrow. OIL recently celebrated 50 years in business and OCIL’s history expands over 35 years, and while we are extremely proud of that legacy, we must continue to evolve and reposition the brands with our long-term strategic plans involving both traditional and new energy sources.”
The name Everen, shared by the group of companies, was constructed by combining the words ‘ever’ and ‘energy’. The amalgamation of the two words defines the ever-changing landscape of the industry and represents the companies’ continued support of traditional assets and their commitment to growing with advancing technologies. The Group will now be referred to as Everen Group and the two operating companies, Everen Limited and Everen Specialty Ltd. remain as separate entities.
The news comes weeks after the firm expanded the definition of its energy operations to include biochemicals, biofuels, renewable fuels, hydrogen and carbon capture and sequestration.
The Bermuda-based mutual insurer, which insures over $3.6tn of global energy assets, had already broadened its scope to cover renewable energy sources such as solar and wind in recent years.
Since being founded in 1972 by 16 oil companies, traditional fossil fuel industries have represented the majority of OIL’s business.
The move to include greener fuel sources and carbon capture activities was therefore a significant shift in the identity of the organisation.
Olsson adds, “Our new brands reflect our ongoing commitment to providing enduring cornerstone capacity, underwriting expertise, financial strength and operating excellence across our underwriting platforms for the benefits of our shareholders, insureds and re-insureds. With our new strategic plans and brands in place, Everen and Everen Specialty are ideally positioned for growth and success not only today but also well into the future.”
The company names change as of today, and the rebrand will continue to be rolled out in phases. In the coming months, the Everen Group will introduce new logos and visual identities.
