Bermuda-based Oil Insurance has been downgraded to A- from A by Standard & Poor's (S&P) as a result of its exposure to losses from hurricanes Katrina and Rita.
The ratings remain on under review with negative implications.
S&P credit analyst Mohammed Ashab said: “The company's expected losses from hurricanes Katrina and Rita demonstrated the volatility of its liabilities, which is exacerbated by its relatively aggressive investment strategy.”
Oil recently upped its reserves by $1bn to cover expected losses from the storms.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
