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Bermuda-based energy insurer OIL Group of Cos. announced Tuesday that it has changed its name to Everen Group and also renamed its operating units.
Oil Insurance Ltd., which covers property risks, is now Everen Ltd., and Oil Casualty Insurance Ltd., which covers liability risks, is Everen Specialty Ltd.
The rebrand shows the company’s “commitment to adapting to the overall direction of the continuously evolving energy sector,” the mutual insurance group said in a statement.
The new names were constructed from “ever” and “energy,” the statement said.
The property insurer was formed by 16 energy companies in 1972 in response to a capacity crisis following an oil spill in Santa Barbara, California, and a refinery explosion in Lake Charles, Louisiana, in the 1960s. The liability insurer was formed in 1986 during the liability crisis.