OIL-INSURANCE-LIMITED
31.3.2021 20:42:04 CEST | Business Wire | Press release
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
AMINA Becomes First Regulated Bank on 21X, Europe’s First Fully Regulated DLT Trading and Settlement Venue9.3.2026 08:30:00 CET | Press release
Along with Tokeny, the combined tokenisation suite creates a complete tokenisation infrastructure, from regulated custody to onchain trading and settlement AMINA Bank AG (“AMINA”), a Swiss Financial Market Supervisory Authority (FINMA)-regulated crypto bank with global reach, today announces it has become a listing sponsor on 21X, the first fully regulated distributed ledger technology trading and settlement system (DLT TSS) in the European Union. AMINA is the first regulated bank to join the 21X ecosystem as a listing sponsor. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260309758719/en/ AMINA, 21X and Tokeny partner for end-to-end solution Combined with AMINA’s existing collaboration with Tokeny for onchain asset issuance, the partnership creates a complete tokenisation infrastructure that addresses a major constraint of institutional adoption: the absence of an end-to-end pathway connecting regulated traditional asset c
GigaDevice Strengthens Global Presence at Embedded World 2026, Showcasing System-Level Innovations for Humanoid Robotics, Industry, and Edge AI9.3.2026 08:00:00 CET | Press release
Wide range of demonstrations on display at Hall 5, 5-129 throughout the March 10-12 show GigaDevice, a leading semiconductor company specializing in Flash memory, 32-bit microcontrollers (MCUs), sensors, and analog products, today announced its participation at Embedded World 2026 (Hall 5, Booth 5-129), with the strong presence at the show demonstrating the company’s commitment to the global market and the strategic emphasis that it has placed on the EMEA region, reinforcing its ambition to empower customers with advanced embedded solutions. “Embedded World is a cornerstone of our global engagement strategy,” said Dr. Reiner Jumpertz, GigaDevice VP and General Manager in the EMEA region. “This year, we are not only showcasing our technical excellence but also highlighting our evolution into a system-level enabler, a trusted partner that supports customers in building smarter, more connected applications.” “By combining our high-performance GD32 MCUs, industry-proven Flash memory, and a
Galderma Introduces Cetaphil AM/PM Antioxidant Serums, a New Science-Driven Defense and Recovery System for Sensitive Skin9.3.2026 07:00:00 CET | Press release
Cetaphil’s new AM/PM Serums are powered by unique Gallic-AOX Power™ Technology, a patent-pending antioxidant complex clinically designed to sync to your skin’s circadian rhythm and support skin resilience Delivers advanced antioxidant protection by day1 and accelerated repair by night, with visible results in as little as 7 days2 In global testing, Gallic Acid demonstrated 2x greater antioxidant efficacy than Vitamin C3 Co-developed with dermatologists and rigorously tested for sensitive skin to deliver high performance without compromising tolerance Galderma (SIX: GALD) today announced Cetaphil, the dermatologist-recommended brand trusted by millions with sensitive skin, is launching its new Cetaphil AM/PM Antioxidant Serums, a breakthrough daily system clinically designed to defend skin by day and support accelerated repair by night for sensitive, stressed skin. While antioxidant serums are a cornerstone of modern skincare, the category has largely been developed without sensitive sk
Report: GCs Say They Are Bullish on Europe9.3.2026 07:00:00 CET | Press release
ADVANT research underscores opportunity amid political and economic headwinds, but challenges remain Business confidence around prospects for investment and growth in Europe is riding high despite recent economic and geopolitical challenges, according to new research among GCs across Europe and the U.S. For its report released today – Europe’s Opportunity Outlook – European law firm association ADVANT surveyed or interviewed more than 800 GCs in France, Germany, Italy and the United States, and found thatfour out of five (82%) GCs said their company views continental Europe as attractive for corporate investment and commercial growth. Meanwhile, two-thirds (66%) report their organization has made Europe more of a priority in light of recent geopolitical and regulatory risks. Looking further ahead, a significant majority (83%) believe their organization is likely or very likely to expand or invest further within existing European markets in the next three to five years. A similar propor
Xsolla Celebrates International Women’s Day by Spotlighting Women in Games and Advancing Its Vision for Female Leadership8.3.2026 14:00:00 CET | Press release
Accelerating Representation, Influence, And Leadership For Women Across The Gaming Industry Xsolla, a global video game commerce company that helps developers launch, grow, and monetize their games, today reaffirmed its ongoing commitment to supporting women across the global gaming ecosystem through curated community initiatives, industry events, and thought leadership platforms in key growth markets, including Türkiye, Dubai, and Cyprus. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260308595758/en/ Graphic: Xsolla As the gaming industry continues to expand across emerging and high-growth markets, Xsolla is focused on empowering developers globally, including fostering a more inclusive ecosystem that gives women founders, studio leaders, publishers, and entrepreneurs greater access to visibility, networks, and opportunities. Through a series of targeted industry gatherings and community-led discussions, Xsolla has activel
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