Orderly runoff expected for sEnergyPosted On: Mar. 30, 2007 12:00 AM CST
HAMILTON, BermudaCredit rating agency Moody's says that it is confident that the now defunct mututal sEnergy Insurance Ltd., the Bermuda-based energy insurer backed by the OIL Group of insurance companies comprises, will complete its runoff in an orderly manner and return cash to members.
Moody's this week affirmed and withdrew sEnergy's A2 financial strength rating, stating that sEnergy has continued to satisfy its claim obligations, and to collect enough premiums from its members to cover its claims and general expenses.
The rating agency said that it "expects that sEnergy will continue its orderly wind-down over the coming year, and that upon the final settlement of its claim liabilities, it will distribute its contributed surplus and funds received from members from the issuance of its preference shares."