OIL Insurance Limited: Standard and Poor's Affirms Financial Credit Rating of A- "Strong" With Stable Outlook

HAMILTON, Bermuda, December 10, 2010 - Oil Insurance Limited (OIL) announced today that Standard and
Poor's has affirmed OIL's financial rating of A- "Strong" with a Stable
Outlook. "The insurer financial strength rating on the Bermuda-based Oil
Insurance Ltd. (OIL) is based on OIL's very strong claims-paying resources,
effective product for satisfying the goals of members' risk-management
programs, strong financial flexibility, and very strong capitalization."

Chief Executive Officer Robert Stauffer said "Our $250 million
property capacity is critical cornerstone capacity for most of our members.
Recognition by Standard and Poor's of the financial strength of our mutual is
reassuring to our existing and prospective members."

George Hutchings, OIL's Chief Operating Officer stated "This
rating affirms the financial strength of our mutual as we begin the process
of attracting new members to broaden our membership globally."

Oil Insurance Limited (OIL) insures nearly two trillion
dollars of global energy property assets for more than fifty members with
limits up to $250 million. In the aggregate OIL currently provides the energy
industry with more than eleven billion dollars of property coverage. Products
offered include Property (Physical Damage), Windstorm, Non Gradual Pollution,
Control of Well, Terrorism, Construction and Cargo. The industry sectors that
OIL insures include Offshore and Onshore Exploration & Production, Refining
and Marketing, Petrochemicals, Mining, Pipelines, Electric Utilities and
other related energy business sectors.

Further inquiries regarding this press release should be directed to: Barry Brewer, VP Marketing. barry.brewer at oil.bm , +1-(441)-278-1132