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
Laprophan Completes the Acquisition of Rivopharm, Accelerating Its International Expansion Strategy17.6.2026 14:39:00 CEST | Press release
Laprophan Group, the pioneer and one of Morocco's leading pharmaceutical groups, today announced the successful completion of the acquisition of a controlling stake in Rivopharm, a Switzerland-based pharmaceutical company specialized in specialty medicines, dossier development, complex formulations and value-added pharmaceutical solutions, and operating its own industrial manufacturing site. The financial terms of the transaction were not disclosed. Rivopharm generates annual revenue of approximately US$100 million. The acquisition represents a transformational milestone in Laprophan's development and marks the Group's first acquisition in Europe. The transaction significantly strengthens Laprophan's European footprint and accelerates its ambition to build a differentiated international pharmaceutical platform spanning Europe, Africa, the Middle East and selected global markets. The acquisition was carried out through Europhan, Laprophan's Luxembourg-based European platform, reinforcin
Rehlko and Liebherr Partner on Strategic Capacity Expansion to Support Accelerating Data Center Demand for Resilient Power Solutions17.6.2026 14:00:00 CEST | Press release
Expansion of Colmar, France, manufacturing facility to more than double production capacity, enabling a structured industrial ramp-up Rehlko, a global energy resilience leader delivering innovative solutions across industrial energy systems, powertrain technologies, and home energy applications, joined Liebherr Group (“Liebherr”) on June 2 for the strategic capacity expansion ceremony at the Liebherr-Components facility in Colmar, France. This event marks a key milestone in the continued expansion of Rehlko’s strategic partnership with Liebherr and a significant step in scaling resilient power solutions for the next generation of digital infrastructure. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260617213506/en/ Liebherr and Rehlko celebrate the strategic capacity expansion of Liebherr-Components Colmar factory. From left to right: Brian Melka (President and CEO of Rehlko), Jan Liebherr (President of the Administrative B
FlexGen Launches International Operations, Delivering Software and Services to Meet Demand for Battery Storage in Europe17.6.2026 14:00:00 CEST | Press release
FlexGen expands market leadership by bringing its energy management system, including power plant controls, analytics, site-level SCADA, integration abilities, and lifecycle services, to Europe to reduce renewables curtailment and meet rising demand. FlexGen’s entry to the European market is improving operational performance, increasing availability, and unlocking greater returns for battery storage operators.FlexGen’s HybridOS® software can maximise site performance, reduce downtime, and extend the lifespan of energy storage assets by providing project owners real-time data and visibility into asset health and conditions. FlexGen Power Systems, LLC. ("FlexGen"), a leading battery energy storage solution and energy management software provider, announced today that it continues to grow its global business by building its presence in Europe to increase battery storage capacity on local grids, supporting energy reliability and affordability. FlexGen offers its energy management system, i
Moody’s Launches Decision-Grade AI Skills for Major AI Platforms17.6.2026 14:00:00 CEST | Press release
Launching today on Microsoft 365 Copilot Cowork, with availability expanding across compatible AI platforms Moody’s Corporation (NYSE: MCO) today announced the release of its first set of AI skills – purpose-built, platform-agnostic instruction kits that encode Moody’s analytical frameworks and connect AI agents to its decision-grade intelligence. Available across compatible AI platforms beginning with Microsoft 365 Copilot Cowork, Moody’s skills enable customers to execute complex analytical workflows through a single natural-language request, with outputs grounded in Moody’s proprietary ratings, research, and risk intelligence. “Moody’s is among the first financial data providers to deliver a full library of skills on an open standard, and today’s launch is just the beginning,” said Cristina Pieretti, Head of Digital Content and Innovation at Moody’s. “AI platforms are becoming the interface for financial decision-making, and the next phase of adoption will be defined by execution. S
Thredd and Sutton Bank Partner to Power U.S. Card Program Expansion for Global Brands17.6.2026 14:00:00 CEST | Press release
Partnership provides BIN Sponsorship and modern issuing processing, to launch and scale prepaid or debit card programs in the market Thredd, the AI-first issuer processing platform, today announced a strategic partnership with Sutton Bank, a leading sponsor bank and card issuer for fintechs and embedded finance use cases. Through the partnership, Sutton Bank will serve as a BIN sponsor for Thredd clients seeking to launch and scale prepaid and debit card programs in the United States. The partnership strengthens the U.S. market proposition for global fintechs and embedded finance providers by providing these organizations access to an established U.S. issuing bank partner with a long-standing track record supporting card programs across the fintech ecosystem. Sutton Bank has become widely recognized for its payments business, including its work with card networks, processors and program managers, as well as its role as a large BIN sponsor for the fintech community. Together, Thredd and
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