Oil Insurance

A civil complaint against Bermuda-based OIL Insurance Ltd. has been re-opened at the U. S. District Court for the Western District of Oklahoma.Oklahoma-based Chesapeake Mountain Front LLC, formerly known as K. Stewart Petroleum Corporation, is seeking $2.6 million under the terms of a "control of well" insurance policy. The complaint was initially filed on December 4, 2002 against Certain Underwriters at Lloyd's of London, with OIL and Noble Energy Inc., successor by merger to Samedan Oil Corporation and successor by name change to Noble Affiliates, Inc., being added on July 31, 2003.

Bermuda News Briefs: Half of the 37,000 registered trademarks in Bermuda have been lost from the computerized Trademark Registry following a crash, The Royal Gazette newspaper reported on March 27, 2004; Centre Reinsurance International Co. has obtained a judgment for $4.4 million against Margent Group Inc. and Thomas G. Brown; Oil Insurance Limited announced on April 6 that two more energy companies had joined, continuing the recent trend of additions to its membership; AXIS U.S. Insurance has expanded its professional lines capabilities with the formation of a new professional liability unit and the establishment of a dedicated unit for financial institutions business; XL Capital Ltd. announced on April 19 that it would enter into the market for primary casualty risk management programs for major U.S. corporations; and details of several lawsuits involving Bermuda-domiciled firms that have been filed in the USA.

Canada-based Suncor Energy is to become a member of Bermuda-registered sEnergy Insurance Ltd., effective January 1, 2003.sEnergy was established in Bermuda in May, 2002 to provide large limits of coverage for business interruption and excess physical damage insurance.