OIL-INSURANCE-LIMITED
OIL held its March 2021 Board Meeting on Wednesday, March 24th at its offices on 3 Bermudiana Road in Hamilton, Bermuda.
During the meeting, the directors approved the Company’s 2020 financial statements, discussed the development of its Strategic Plan, approved the payment of a $380 million dividend on June 30th, 2021 for shareholders of record on March 24th, 2021 and modified the DNWS Definition.
For 2020, OIL recorded a $66.9 million underwriting profit. After factoring in net investment gains and administrative expenses, OIL’s net profit for the year was $466.5 million. For additional information about OIL’s 2020 financial results, please visit www.oil.bm to view our audited financial statements.
The Company modified the Definition of DNWS in order to minimize the chances future named storms, which originate outside of the Atlantic Basin, become classified as DNWS. A storm’s center, instead of just a portion of a storm, now determines if it enters the Atlantic Basin and becomes a DNWS. The change is effective as of March 24th, 2021.
Fabrizio Mastrantonio, Chairman of the Board, explained, “The Board decided to authorize the $380 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 will be finalized in 2021.”
Bertil Olsson, President and CEO commented, “the strong performance in 2020 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 $3.0 trillion of global energy assets for more than fifty members with property limits up to $400 million totaling more than $21 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, Renewables 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210331005894/en/
Link:
About 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
Samsung Epis Holdings Reports Fourth Quarter and Fiscal Year 2025 Financial Results26.1.2026 08:00:00 CET | Press release
In its first financial results announcement after the spin-off, Samsung Bioepis recorded FY2025 revenue of KRW 1.672 trillion, highest annual revenue in its 14-year historyExcluding milestone revenue, annual sales revenue grew 28% year-over-year (YoY), recording KRW 1.626 trillion, with 101% YoY growth in operating profit to KRW 330.8 billion Samsung Epis Holdings (KRX: 0126Z0), an investment company dedicated to innovations in biopharmaceuticals and biotechnology, today announced financial results for the fourth quarter and fiscal year 2025. “We are very pleased to report strong year-to-date sales growth in our first financial results following the spin-off. Our organic growth has been driven by solid performance across our biosimilars portfolio," said Kyung-Ah Kim, President and Chief Executive Officer (CEO) of Samsung Epis Holdings. “We are continuing to make meaningful progress in our regulatory and commercial milestones with our existing biosimilars portfolio, while strategically
Syngenta and Statkraft Sign Five-Year Virtual Power Purchase Agreement26.1.2026 08:00:00 CET | Press release
Virtual wind PPA with guarantees of origin to decarbonize Syngenta's plants in Europe Important element in carbon reduction journey for Syngenta AG Syngenta, one of the world’s biggest agricultural innovation companies, and Statkraft, a leading provider of innovative green energy solutions in Europe, have signed a virtual power purchase agreement (vPPA) covering Syngenta’s CP & Seeds operations for a period of five years. The volume amounts to 125 GWh per year and a total of 625 GWh of green electricity by the end of the contract in 2030. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260125701845/en/ Syngenta and Statkraft sign five-year virtual power purchase agreement With the vPPA, Statkraft is supporting Syngenta in advancing its sustainability strategy through the purchase of renewable energy. "This is Syngenta's first vPPA, marking a pivotal step in our decarbonization strategy," said Rachel Stenson Bugnon, Global Hea
Merz Therapeutics Submits Application to the European Medicines Agency for New Indication of XEOMIN® in Pediatric Spasticity26.1.2026 08:00:00 CET | Press release
Merz Therapeutics, a leading player in neurology-focused specialty pharma, today announced that it has completed the regulatory submission for XEOMIN® (incobotulinumtoxinA) for the treatment of spasticity of the lower and upper limb in children and adolescents aged 2–17 years in the European Union (EU) and European Economic Area (EEA). If approved, the indication would expand access to an established botulinum neurotoxin therapy for some of the youngest and most vulnerable patients across Europe. Spasticity is a common and often debilitating condition in children and adolescents with certain neurological conditions, leading to increased muscle tone that can significantly limit movement, function and independence. One of the most common underlying causes of spasticity in children is cerebral palsy (CP), the most frequent motor disability in childhood, with spastic forms accounting for approximately 80% of all cases. In more severe cases, spasticity associated with CP can also affect spe
TOURISE Reframes Tourism Sector as Global Powerhouse on a Path to $16 Trillion During Davos24.1.2026 00:22:00 CET | Press release
TOURISE advanced tourism’s role as a vital sector connecting industries, economies, and regions to address shared global challenges at the World Economic Forum Annual Meeting in Davos. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260123950180/en/ His Excellency Ahmed Al‑Khateeb, Minister of Tourism of Saudi Arabia and Chairman of TOURISE, convenes executives from Trip.com, Visa, TikTok, PayPal, Salesforce, Forbes, Avolta, ByteDance, and more at Davos 2026 Often overlooked as a siloed industry, TOURISE pressed the importance of tourism being recognized as a strategic sector, contributing one in every $10 to global GDP and uplifting every industry it touches. His Excellency Ahmed Al Khateeb, Minister of Tourism of Saudi Arabia and Chairman of TOURISE said alliances and collaboration across sectors will see tourism continue to rise. “Tourism is more than a lifestyle sector, it functions as a strategic economic system. TOURISE
Zycus Named a Leader in the 2026 Gartner® Magic Quadrant™ for Source-to-Pay Suites23.1.2026 20:00:00 CET | Press release
This acknowledgment reflects Zycus’ momentum in Agentic AI, comprehensive S2P suite, brand trust and customer outcomes. Zycus, a global provider in Source-to-Pay (S2P) technology, today announced that it has been recognized as a Leaderin the 2026 Gartner® Magic Quadrant™ for Source-to-Pay Suites. We believe the report points to Zycus’ continued investment in Merlin Intake to streamline user experience and Agentic AI to support workflows such as tail-spend management via autonomous negotiation. This aligns with Zycus’ “Intake to Outcomes” (I2O) belief: simplify how work enters procurement, orchestrate execution with Agentic AI, and deliver outcomes with the right governance and control. “Being recognized as a Leader in the Gartner Magic Quadrant for Source-to-Pay Suites reflects our long-term commitment to innovation, customer outcomes, and responsible AI,” said Aatish Dedhia, Founder & CEO of Zycus. “Merlin Agentic AI is designed to move beyond task automation towards end-to-end outcom
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