OIL-INSURANCE-LIMITED
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220328005761/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
NITMX, Ant International and Krungthai Bank Expand Payment Connectivity Between Thailand and China via PromptPay27.10.2025 04:37:00 CET | Press release
The parties will promote inbound payments via PromptPay and Alipay, an Alipay+ e-wallet partner, enabling more convenience for Chinese travellersPartnership builds on Alipay+’s efforts to support the tourism industry in Thailand and enable local merchants to connect with travellers from China and beyond Under the guidance of the Bank of Thailand, Ant International, a leading global digital payment, digitisation and financial technology provider and National ITMX will partner to enhance and promote payments connectivity via PromptPay, between Thai merchants and Chinese consumers, which will be launched soon. Krungthai Bank will be the settlement bank for this cross-border QR partnership. In the initial phase, Chinese travellers to Thailand can use Alipay, an Alipay+ e-wallet partner, to make QR payment at millions of local merchants by scanning the PromptPay QR. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251026429360/en/
Helical Fusion Achieves Milestone Toward Commercial Fusion Energy, Advancing to Integrated Demonstration Device27.10.2025 04:00:00 CET | Press release
— World’s First Performance Test of a High-Temperature Superconducting Coil Under Conditions Replicating the Magnetic Environment Inside a Fusion Device — Helical Fusion Co., Ltd., a world-leading developer of the Helical Stellarator, has completed a critical performance test of a high-temperature superconducting (HTS) coil—a core component of commercial fusion reactors. The company has now commenced manufacturing and construction of its integrated demonstration device, Helix HARUKA. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251026597002/en/ Helical Fusion members celebrating the successful HTS test with an “HTS Graduation!” sign and graduation caps Watch the key points of this release in a 2-minute video: https://youtu.be/UhgQHfKtvow Helical Fusion is the only company in the world building upon expertise in the Helical Stellarator approach, accumulated for more than 60 years at national institutes and national universi
Incyte Announces New Data from Phase 3b TRuE-AD4 Trial of Opzelura® (Ruxolitinib Cream) in Adults with Moderate Atopic Dermatitis26.10.2025 01:55:00 CEST | Press release
Eight-week results from the TRuE-AD4 trial demonstrate treatment with Opzelura® (ruxolitinib cream) significantly improved the clinical signs of atopic dermatitis (AD), including improved itch as early as Day 2, and was well tolerated in adults with moderate AD who had an inadequate response, intolerance or contraindication to topical corticosteroids (TCSs) and topical calcineurin inhibitors (TCIs) At Week 8, 70% of patients treated with Opzelura achieved a ≥75% improvement in the Eczema Area and Severity Index (EASI75) and 61.3% achieved Investigator’s Global Assessment Treatment Success (IGA-TS), co-primary endpoints of the study Based on these results, Incyte expects to file a Type-II variation application for ruxolitinib cream 1.5% for the treatment of adults with moderate AD in the European Union (EU) by end of year Incyte (Nasdaq:INCY) today announced new data from the Phase 3b TRuE-AD4 study evaluating the efficacy and safety of Opzelura® (ruxolitinib cream) in adults with moder
MultiBank Group and Khabib Nurmagomedov Launch an Exclusive Worldwide Multi-Billion-Dollar Joint Venture to Build the World’s First Regulated Tokenized Sports Ecosystem25.10.2025 10:24:00 CEST | Press release
MultiBank Group, the world’s largest financial derivatives institution, has entered into an exclusive worldwide multi-billion-dollar joint venture with global sports icon and undefeated UFC champion Khabib Nurmagomedov (29-0) to create a first-of-its-kind regulated ecosystem connecting global finance, sports and technology. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251025540563/en/ MultiBank Group and Khabib Nurmagomedov Launch an Exclusive Worldwide Multi-Billion-Dollar Joint Venture to Build the World’s First Regulated Tokenized Sports Ecosystem The partnership will culminate in the creation of a multi-billion-dollar joint venture, MultiBank Khabib LLC, uniting two global powerhouses: MultiBank Group, a leader in regulated financial excellence, and Khabib Nurmagomedov, undefeated in the octagon and whose influence extends far beyond sport.The company will operate from MultiBank Group’s headquarters in Dubai, building
Altimetrik Completes Acquisition of SLK Software, Uniting Strengths to Unlock Value through AI-First and Digital Enablement24.10.2025 18:57:00 CEST | Press release
Altimetrik today announced the successful completion of its acquisition of SLK Software, marking a major milestone in the company’s journey to build a digital engineering powerhouse. As part of this transition, SLK Software will now operate under its new identity as “SLK, an Altimetrik company”. The integration brings together Altimetrik’s AI-first, data-led innovation capabilities with SLK’s strength in Intelligent Enterprise, Digital Operations, Intelligent Infrastructure and Automation and Quality Engineering - spanning the entire digital enablement value chain from strategy and design to engineering and managed services. Anchored in a Practitioner-Led approach, the unified organization merges deep domain expertise with modern platforms and digital operating models to deliver bite-size, outcome-focused execution that accelerates time-to-value. “I am thrilled to officially welcome the SLK team to Altimetrik, bringing together two organizations driven by purpose, innovation, and an un
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