Business Wire

Oil Insurance Limited (OIL) Board of Directors Declares $350 Million Dividend and its Shareholders Broaden the Definition of Energy Operations during the 2022 Annual General Meeting (AGM)

Share

OIL held its March 2022 Board Meeting on Tuesday, March 22nd and its 2022 AGM by virtual means on Thursday, March 24th.

During the Board meeting, the directors approved the Company’s 2021 financial statements, discussed the execution progress of the 5 year Strategic Plan and approved the payment of a $350 million dividend on or before June 30th, 2022 for shareholders of record on March 22nd, 2022.

During the AGM, the Shareholders approved a broadened Definition for Energy Operations that adds biochemicals, biofuels, renewable fuels, hydrogen and carbon capture and/or sequestration to OIL’s existing Energy Operations definition. They also elected a new Board of Directors who will serve for a year ending at the March 2023 AGM.

After the AGM, the newly elected Board met and elected John Weisner as Chair of the Board and Robert Wondolleck as Deputy Chair.

Over the past 12 months, OIL welcomed five new shareholders to the mutual – North West Redwater Partnership, Formosa Plastics, Edison International, Los Angeles Department of Water & Power and CEZ.

For 2021, OIL recorded a $266.0 million underwriting profit. After factoring in net investment gains and administrative expenses, OIL’s net profit for the year was $667.5 million. For additional information about OIL’s 2021 financial results, please visit www.oil.bm to view our audited financial statements.

Bertil Olsson, President and CEO, explained, “The Board decided to authorize the $350 million dividend after carefully reviewing the company’s multi-year Capital Management Plan and while considering future capital needs that may come out of its Strategic Plan which was finalized in December 2021.”

George Hutchings, Senior Vice President and COO commented, “the strong performance in 2021 and the robust capital position of the company has enabled us to once again return a significant amount of capital to our shareholders and demonstrate the superior value of the OIL model.”

For more information about OIL’s property coverages and related value go to www.oil.bm.

Oil Insurance Limited (OIL) insures over $3.6 trillion of global energy assets for more than sixty members with per occurrence property limits up to $450 million totaling more than $22 billion in total A rated property capacity. Members are medium to large sized public and private energy companies with at least $1 billion in physical property assets and an investment grade rating or equivalent. Products/coverage offered include Property (Physical Damage), Windstorm (excluding Offshore GOM), Non Gradual Pollution, Control of Well, Removal of Wreck, Terrorism, Cyber, Construction and Cargo. The industry sectors that OIL protects include Offshore and Onshore Exploration & Production, Refining and Marketing, Petrochemicals, Mining, Pipelines, Electric Utilities, Solar, Offshore and Onshore Wind, Offshore and Onshore Carbon Capture, Hydrogen, Biochemicals/BioFuels/Renewable Fuels, Electrical Storage and other related energy business sectors.

Further inquiries regarding this press release should be directed to George Hutchings, SVP & COO at george.hutchings@oil.bm or +1 (441) 295-0905.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

George Hutchings, SVP & COO
george.hutchings@oil.bm
+1 (441) 295-0905

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Dental Monitoring Launches the Virtual Practice Platform for a Comprehensive, Life-Long Patient Experience18.5.2022 22:10:00 CEST | Press release

Dental Monitoring, the industry-leading company that pioneered the field of intelligent orthodontics, launches the Virtual Practice Platform for a comprehensive, life-long patient experience. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220518006088/en/ More information: (Photo: Business Wire) This groundbreaking Virtual Practice Platform is designed for doctors and patients to partner along the entire treatment journey through a suite of intelligent workflows and tools. By using the platform, doctors will be able to identify, engage, qualify, and convert leads, optimize treatment and monitor patients, as well as benefit from opportunities for new revenue streams. Dental Monitoring is launching the Virtual Practice Platform as the increasing need for remote and intelligent care in the dental industry meets growing patient expectations. Through the platform, the SaaS company aims to spearhead widespread transformation for p

Align Announces Additional Leadership for UK and EMEA to Support Continued Growth18.5.2022 17:11:00 CEST | Press release

Align, the premier global provider of technology infrastructure solutions celebrates significant growth throughout the UK and EMEA markets with management changes to support increasing demand. The appointment of Giulia Marcolina as Managing Director and Mike Konold as AV Solutions Director of Align’s UK-based headquarters, will enable the team to deliver innovative collaborative technology and state-of-the-art AV solutions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220518005833/en/ Giulia Marcolina, a 15 year veteran with Align, is named Managing Director of Align's UK-based headquarters. (Photo: Business Wire) Giulia brings over 25 years of IT experience, previously serving as Align’s Programme Manager, delivering corporate office relocation and consolidation projects for clients such as Blackrock, Total Gas and Power, and UBS. In her new role, she will lead Align’s team of project managers in building upon Align’s lon

RMS Advances Climate Risk Modeling and Moves More Models to High Definition18.5.2022 16:30:00 CEST | Press release

RMS®, a Moody’s Analytics company and world-leading risk modeling and solutions company, today announces it will be releasing four new High Definition™ (HD) models, including Europe Windstorm, North America Winterstorm (WT), North America Severe Convective Storm (SCS), and Terrorism. RMS HD Models represent the next generation of risk modeling, delivering deeper analysis and granularity from Moody’s. The HD probabilistic models incorporate a high-fidelity, simulation-based framework for modeling event frequency and severity, to provide a major step forward in the quality of catastrophe risk quantification. The framework allows for event footprints to be represented more realistically across larger event sets. The new RMS Europe Windstorm HD Model further enhances the current model and will cover 17 countries, adding Finland and Lichtenstein. The HD model includes a climate variability view and has expanded storm surge analytics to include the U.K., Ireland, France, and Belgium. Storm c

Suketu Upadhyay Elected to Vertex Board of Directors18.5.2022 16:30:00 CEST | Press release

Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced that Suketu (“Suky”) Upadhyayhas been elected to its board of directors as an independent director. Mr. Upadhyay is a global business executive with more than 20 years of experience in the pharmaceutical and medical technology sectors, serving in financial and strategy roles covering multiple areas of the life sciences sector. He is currently the Executive Vice President and Chief Financial Officer of Zimmer Biomet, a leading global innovator and manufacturer of orthopedic solutions, a position he has held since July 2019. “We are delighted to have Suky join the Vertex Board. His extensive financial and strategic experience in health care, paired with his leadership and expertise across biopharma and medtech, make him a valuable addition to our board of directors,” said Reshma Kewalramani, M.D., Vertex’s Chief Executive Officer and President. “It’s an honor to join Vertex, a company focused on serial innovation with an

Armory Makes Continuous Deployment Achievable and Effortless, at any Scale, for all Developers18.5.2022 16:17:00 CEST | Press release

Armory, the Continuous Deployment company empowering development teams to easily, reliably, safely, and continuously deploy software at any scale, today announced public early access to their new Continuous Deployment-as-a-Service product. Armory Continuous Deployment-as-a-Service delivers declarative deployments, across multiple environments, that support advanced strategies, so developers can focus on building great code rather than deploying it. “We believe deploying software continuously, at any scale, should be achievable and effortless for all developers of the world, not just the likes of Google and Netflix,” said Jim Douglas, President and CEO, Armory. “It’s our vision and mission to unlock innovation through software to make software continuous, scalable, secure, and safe, so developers can improve and protect their customers’ experience with confidence and ease.” To effectively compete in a software-defined world, development teams must ensure a stellar customer experience. S

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom