In an agreement with Willis Group Holdings (WSH), the insurers will provide coverage up to $250 million on new policies.
"This additional capacity is excellent news. It provides substantial and easy access to AA+ rated paper to the market at a time when the need for additional capacity on a range of operating and construction risks has never been greater," Willis Group CEO Alistair Rivers said in a statement.
Insurance rates have increased for oil since the BP (BP), Deepwater Horizon disaster.--Written by Maria Woehr in New York.
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