Oil Insurance Limited (OIL) 2013 Annual General Meeting and Operational Report

Hamilton, Bermuda (ots/PRNewswire) -

Oil Insurance Limited (OIL) held its 2013 Annual General Meeting
(AGM) on Wednesday March 20th, 2013 at the Fairmont Southampton Hotel
in Bermuda.

Management reviewed OIL's 2012 audited financials with the
shareholders. During the year, OIL had $672 million of written and
earned premium while incurred losses, inclusive of loss adjustment
expenses, totaled $(613) million. OIL's net underwriting income was
$60 million. Including net investment income of $608 million in the
results, as well as G&A and other expenses, OIL experienced net
income for the year of $646 million.

Shareholders voted on a new slate of directors for the 2013 year.
Mark Wilson was appointed OIL's 2013 Chairman with Gerard Modecki
appointed as Vice Chairman. Additionally, the Shareholders approved
the removal of the following conditions from the rating and premium
plan effective January 2014; (1) the minimum annual premium, (2) low
deductible premium and (3) premium rates. There was also a technical
correction approved with respect to the "Named Windstorm Risk
Weighting Factor" definition. In addition, the rewrite of the OIL
shareholder agreement was approved effective immediately. The
timeline for members to review the Single Pool and Experience
Modification proposal was presented and it is expected to be voted on
at a Special General Meeting on September 24th 2013. Members were
also advised of the important OIL Policy review and update project
that has commenced.

Robert Stauffer, President & Chief Executive Officer, began the
meeting by stating "In general, 2012 was a very good year for OIL.
Fortunately, we did not experience any severe windstorm or hurricane
losses and our losses came in pretty much as we forecast and
expected. In addition, our investment portfolio returns were very
good - a testament to the intense work and strategic decision making
of our investment board and financial staff. Looking forward, our
priorities will remain the same, with a focus on measured growth and
continued enhancement of member relations."

OIL Chief Operating Officer Mr. George Hutchings advised that
during 2012, 2 new members joined OIL, Canadian Oil Sands Ltd and
Energy Transfer Partners, while El Paso departed after it was
acquired by Kinder Morgan. OIL has been meeting with global energy
brokers on a regional basis and is in discussions with a number of
additional prospective members from multiple countries". Mr.
Hutchings also noted "A number of strategic initiatives came to
fruition in 2012 including the launch of key elements of the global
marketing plan along with continued internal initiatives aimed at
simplifying the rating and premium plan and the OIL policy. Perhaps
the most important marketing development was the launch of the OTA
(OIL Technical Accreditation) on-line training program which was
launched in December 2012. The OTA has already attracted
participation by over 300 members and global energy brokers".

Mr. Hutchings explained "the core of OIL's new mission is to
become the world's energy property market of choice for those
companies that qualify for membership. Many of the organization's
initiatives through 2012 were undertaken with a view to building the
foundation for achieving that goal. OIL is a unique organization and
supplier of energy industry insurance capacity, and we want to make
sure that those companies that fit our member blueprint learn about
OIL's true value proposition and discover how they can benefit from
joining OIL".

For a list of the new slate of directors for the 2013 year and a
more in-depth evaluation of OIL's 2012 audited financial results,
please visit our website at http://www.oil.bm.

Oil Insurance Limited (OIL) insures over two trillion dollars of
global energy assets for more than fifty members with property limits
up to $300 million totaling more than eleven billion dollars 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 offered include Property (Physical Damage), Windstorm, Non
Gradual Pollution, Control of Well, Terrorism, Construction and
Cargo. The industry sectors that OIL protects include Offshore and
Onshore Exploration & Production, Refining and Marketing,
Petrochemicals, Mining, Pipelines, Electric Utilities and other
related energy business sectors.

ots Originaltext: OIL Insurance Limited (OIL)
Im Internet recherchierbar: http://www.presseportal.de

Contact:
Further inquiries regarding this press release should be directed
to Barry Brewer, VP Marketing at barry.brewer@oil.bm or
+441-295-0905.