Oil Insurance Limited said it has increased its aggregation limits for insurance coverage and added two additional sectors to the mutual's rating and premium plan.
The Bermuda-based mutual insurer, which provides insurance for energy interests primarily in the Gulf of Mexico, increased its aggregation limits to $750 million effective June 1, the start of the hurricane season.
After suffering $2.8 billion in losses in 2005 from a very active hurricane season, OIL reduced aggregate coverage from $1 billion to $500 million. In December the company increased limits to $750 million for all events that were not Atlantic named windstorms, but kept the $500 million limit on named storms for the period Jan. 1 to May 31 of this year.
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