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Bermuda-based energy insurer OIL Group of Companies has announced a major rebrand and will now be known as Everen Group.

The group’s operating units have also been renamed: Oil Insurance Limited (OIL) will be called Everen Ltd. and Oil Casualty Insurance Ltd. (OCIL) will be called Everen Specialty.

The group said the new brands will better reflect its “commitment to adapting to the overall direction of the evolving energy sector.”

The name Everen is a combination of the words “ever” and “energy,” according to a statement.

“Our new brands reflect our ongoing commitment to providing enduring cornerstone capacity, underwriting expertise, financial strength and operating excellence across our underwriting platforms for the benefits of our shareholders, insureds and re-insureds,” said Bertil Olsson, president and CEO of the group. “With our new strategic plans and brands in place, Everen and Everen Specialty are ideally positioned for growth and success not only today but also well into the future.”

The rebrand will continue to be rolled out in phases, including new logos and visual identities.

OIL was formed in 1972 by 16 energy companies in response to two large-scale industry accidents that occurred in the late 1960s: an oil spill in Santa Barbara, Calif., and a refinery explosion in Lake Charles, La.