Global Risk Exchange (GRX) received a big boost Wednesday with the announcement that two Bermuda based insurance investment vehicles Oil Investment Corporation Ltd. (OICL) and Oil Casualty Investment Corp.,Ltd. (OCICL) had agreed to make “a major strategic investment in the company.”
Although the actual amount of the investment was not disclosed, GRX will be well funded. OICL and OCICL according to the announcement, “represent, through their industry owned insurance parent companies, 75 of the largest global energy industry corporations with combined assets of over $1 trillion.”
GRX (www.grx.com), headquartered in Providence Rhode Island is a leading Internet property casualty insurance exchange specializing in offering large and medium sized corporations “direct access to top-tier insurance markets through an integrated suite of internet -based services/applications.”
OICL, which covers property damage, well control and pollution liability, and OCICL, which covers excess liability and D & O responsibility, are both subsidiaries of OIL, a Bermuda based mutual insurance company, which is owned by and conducts business on behalf of the petroleum industry.
Both GRX CEO Andrew Berry and OIL’s and OCIL’s CEO Jon King expressed the opinion that backing GRX would effect changes beyond the energy industry. “This strategic investment will produce lasting benefits not only for our members, but also for all commercial insurance buyers. Once again, the energy industry’s risk management community has taken a visionary step to transform the insurance industry into a more efficient and effective marketplace,” said King.
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