Oil Insurance Limited (OIL) Declares $250 Million Dividend and Makes Minor Changes to Its Rating & Premium Plan

Hamilton, Bermuda (ots/PRNewswire) -

OIL held its 2017 Shareholder's Annual General Meeting (AGM) on
Wednesday, March 22nd at the Hamilton Princess Hotel. During the
meeting, it conducted the review and approval of the 2016 annual
financial statements as well as the election of directors.

For 2016, OIL recorded a $62.0 million underwriting loss. After
factoring in net investment income and administrative expenses, OIL's
net income for the year was $210.4 million. For additional
information about OIL's 2016 financial results, please visit
http://www.oil.bm to view our audited financial statements. After the
review of the year-end financials, shareholders approved the
financial statements and the re-appointment of KPMG as auditors for
the fiscal 2017 year.

In addition, the Company reported at the AGM that the Board of
Directors had declared a dividend in an aggregate amount of $250
million to all shareholders on record as of January 1, 2017 payable
on or about June 30, 2017 in recognition of OIL's continued financial
success and solid financial condition. Lastly, the shareholders
approved three minor changes to the Rating & Premium Plan.

Bertil C. Olsson, President & CEO, commented that "Oil Insurance
Limited is committed to providing long term value to its membership
by offering significant policy limits with broad terms and
conditions, returning excess capital by way of premium credits and
dividends when appropriate as well as potentially considering
additional coverages to enhance the overall value proposition of
being a member."

George Hutchings, Senior Vice President & COO, stated that "2016
marked the completion of our Strategic Planning process after the
Board approved the Company's strategic plan at its December Board
meeting. Over the next several years, OIL will execute the approved
plan with a focus on the company's Product Offering, Member Services
and Marketing & Distribution."

After the AGM adjourned, the Board of Directors met and elected
Roberto Benzan as Chairman of the Board and Theo Guidry as Deputy
Chairman.

Mr. Benzan commented that "The $250 million dividend demonstrates
the Board's commitment to return value to OIL's shareholders when it
is prudent to do so." He further added that "OIL is firmly footed on
a tremendously strong foundation established over its 45 year
history. Over that time frame, the company has steadfastly focused on
shareholder value. The Board is excited about pursuing our strategic
plan as it will only further strengthen our overall shareholder value
proposition."

For more information about OIL's property coverages and related
value go to http://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 $19 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 offered include Property (Physical Damage), Windstorm, Non
Gradual Pollution, Control of Well, 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 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
George Hutchings
SVP & COO at george.hutchings@oil.bm or +1 (441) 295-0905.

Original-Content von: OIL Insurance Limited (OIL), übermittelt durch news aktuell