sEnergy Insurance Ltd., a mutual insurance company established in Bermuda in May 2002 by a group of twelve international energy companies to provide large limits of coverage for business interruption and excess physical damage insurance, announced that Canada’s SunCor Energy Inc. will join the group, effective January 1, 2003.
SunCor is a world leader in mining and extracting crude oil from the vast oil sands deposits of northern Alberta. It operates as an integrated energy company with about $6 billion (U.S.) in assets.
Norm Frape, SunCor’s Insurance Manager, indicated that “sEnergy will fill a vital block in our insurance programs that was unavailable to us in the commercial market. We have participated for many years in Oil Insurance Limited (OIL) and know that mutuality is in the long term the least costly alternative for energy company insurance requirements.”
Rudd Marlowe, SVP and COO of sEnergy stated, “We are glad to welcome SunCor as the newest member of sEnergy. SunCor’s decision to join is further evidence that sEnergy will become a critical building block in the insurance programs of the international energy business. The OIL Group of Companies has proven for many years that the continuity of coverage and significant limits offered is a real benefit to our member companies.”
Was this article valuable?
Here are more articles you may enjoy.