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
Volante Technologies Customers Successfully Navigate Critical Regulatory Deadlines for EU SEPA Instant and Global SWIFT Cross-Border Payments16.12.2025 10:00:00 CET | Press release
PaaS leader ensures seamless migrations and uninterrupted payment operations Volante Technologies, the global leader in Payments as a Service (PaaS), today announced it has successfully upgraded its clients to meet the latest SEPA Instant Payments Regulation (IPR) and SWIFT SRG 2025 mandate, which came into effect October 9th and November 22nd, 2025, respectively. This announcement follows the major FedISO upgrade in July, which shifted trillions of dollars in payments to the new ISO 20022 messaging format. SEPA IPR is a significant European milestone, requiring payments to be made within 10 seconds and at any time of day, throughout the year. Adoption was mandatory and Eurozone banks were compelled to meet strict deadlines, with January 9th, 2025 the deadline for receiving incoming instant payments and October 9th the deadline for sending outgoing instant payments. The latest deadline impacted more than 700 banks across Europe, with non-compliance penalties reaching at least 10% of an
TreeFrog Therapeutics Announces Changes to Executive Committee With the Arrival of Mark Rothera as Chief Executive Officer & Board Member to Spearhead Next Phase of Growth16.12.2025 09:05:00 CET | Press release
TreeFrog Therapeutics, a French biotech focused on bringing regenerative medicine to millions through their proprietary cell technology, C-Stem™ is delighted to announce the appointment of skilled biotech leader, Mark Rothera, as Chief Executive Officer and Board member. He succeeds Frédéric Desdouits, who is stepping down after five years in the role. In the new leadership configuration, co-founders Kévin Alessandri and Maxime Feyeux will transition from daily operations to focus on their roles on the Board. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251215145193/en/ Mark Rothera, CEO TreeFrog Therapeutics Elsy Boglioli, Chair of the Board of TreeFrog Therapeutics, commented “On behalf of the Board, we are delighted to welcome Mark to TreeFrog. His 30+ years of biopharma leadership, including most recently, three biotech CEO roles in gene therapy and biologics, will be invaluable as we advance our Parkinson’s and liver
RoslinCT and Ayrmid Ltd. Announce Expansion of Strategic Partnership to Manufacture Omisirge® (omidubicel-onlv) for Second FDA-Approved Indication in Severe Aplastic Anemia (SAA)16.12.2025 09:00:00 CET | Press release
RoslinCT is performing technology transfer and will support commercial manufacture of Omisirge® for an additional indication following successful clinical trialsOmisirge® now FDA-approved for an expanded patient population in hematologyRoslinCT continues to support and advance multiple cell therapy projects at its Hopkinton, MA facility Ayrmid Ltd., the parent company of Gamida Cell Inc., a pioneering cell therapy company transforming cells into powerful therapeutics, and RoslinCT, a global leader in cell and gene therapy contract development and manufacturing, today announced the expansion of their strategic partnership to include the execution of a commercial supply agreement to support production of Omisirge® (omidubicel-onlv). Following positive clinical trial results, Omisirge® has received FDA approval for a second indication, broadening its use in the treatment of hematology patients. Under the commercial supply agreement, RoslinCT will complete technology transfer and support c
Echoworx Secures FSQS-Netherlands Certification, Strengthening Trust in Financial Data Protection16.12.2025 07:00:00 CET | Press release
Leading encryption provider deepens commitment to European financial sector with rigorous new supplier qualification, building on existing UK & Ireland certification. Echoworx, a global leader in email and data encryption, proudly announces it has achieved Financial Services Qualification System (FSQS) registered supplier status for the Netherlands. This certification powerfully demonstrates Echoworx’s commitment to the highest standards of security and compliance. This achievement expands on the company’s existing FSQS certification for the UK and Ireland, secured in 2020. By successfully completing the rigorous qualification for the Netherlands, Echoworx reinforces its alignment with the stringent demands of the European financial market. The FSQS system, managed by Hellios, provides a single, reliable standard for vetting third-party suppliers, streamlining procurement for major banks and financial institutions. Think of FSQS as a high-security passport for technology partners. It p
Nippon Electric Glass to Start World’s First Mass Production of Low-Carbon Pharmaceutical Glass Tubing Using an All-Electric Furnace16.12.2025 03:00:00 CET | Press release
Nippon Electric Glass Co., Ltd. (NEG)(TOKYO:5214), a global leader in specialty glass headquartered in Otsu, Japan, announced it will begin the world’s first mass production of pharmaceutical-grade glass tubing using an all-electric melting furnace. Commercial production is scheduled to start in December 2025 at its subsidiary in Selangor, Malaysia. This breakthrough introduces a new manufacturing model for pharmaceutical packaging. By combining NEG’s proprietary all-electric melting technology with renewable energy, CO2 emissions from glass tubing production can be reduced by up to 90%*1 compared with conventional fossil-fuel combustion furnaces. This positions NEG as a major supplier capable of delivering both high-performance borosilicate glass and a significantly lower carbon footprint, directly addressing global sustainability demands from pharmaceutical companies and regulators. NEG is a leading global supplier of arsenic-free, environmentally friendly borosilicate glass tubing f
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