Jack Wesley, President and CEO of the Bermuda-based OIL Group of Companies, announced that he plans to retire in mid-2005, after almost ten years of service with the energy industry’s mutual insurance group.
The Group comprises four companies — Oil Insurance Ltd. (OIL), Oil Casualty Insurance, Ltd. (OCIL), sEnergy Insurance Ltd. (sEnergy) and Oil Management Services Ltd. (OMSL). It began in 1971 with the formation of OIL by 15 energy companies to provide property and pollution coverage. OCIL was added to the group in 1986 to offer excess liability and directors & officers coverage.
It has grown to become “one of the world’s largest mutual insurance groups providing worldwide property, liability, business interruption and directors & officers liability coverages to its member companies. Business interruption and excess property coverage became available when the group founded sEnergy in 2002. Today more than $2.3 trillion dollars of assets are insured by the three mutual insurance companies,” said the company announcement.
Wesley’s has been OIL’s CEO since July 1, 2001, and has overseen a period of rapid growth. Membership in the Mutual has increased from 65 companies to the current 113 global energy companies during his tenure. In addition OIL said, “The total combined asset base of the three mutual insurance companies has risen from $3.7 billion to $5.4 billion. Member companies in the mutual insurance group include some of the largest energy, chemical, utility, mining and energy-related companies around the world.”
Wesley began his career at Shell Oil Company in Houston, Texas in 1967. He held numerous positions of increasing responsibility at Shell Oil and Shell International Limited in London. He retired from Shell in 1996, and joined OCIL as Senior Vice President in April 1996. He was then elected President and Chief Executive Officer of OIL, OCIL and OMSL on July 1, 2001, and added the same title at the formation of sEnergy in May 2002.
“I anticipate that 2005 will be a good time to retire and return to the United States,” Wesley observed. “All three operating companies are in excellent shape financially and in terms of leadership and staff. I also am in good health and want to spend a lot more quality time with my wife, Sue. We’re both going to miss the excitement of being involved with such a great organization.”
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