OCIL reports loss for 2019 but gross written premiums up
Oil Casualty Insurance (OCIL) has reported a small loss in its 2019 results, but said it was pleased with overall performance, with growth recorded across all segments of the business.
OCIL reported a net loss of $546,000 for the year ended November 30, 2019.
Gross written premiums were $373 million for the year, an increase of $134 million from the previous year.
The disclosure follows OCIL’s annual general meeting of shareholders, held via teleconference on April 29, after the group postponed its originally scheduled March 19 meeting in Bermuda due to the COVID-19 outbreak.
Following the AGM, the OCIL board of directors appointed John Weisner as chairman of the board and John Talarico as deputy chairman.
Bertil Olsson, OCIL’s president and chief executive, said 2019 had been a growth story for the business, which he said had experienced growth in all segments of its business, “mainly due to an improving rate environment and increased submission activity, especially within our direct property business.”
He said: “With improving underwriting conditions, and despite the difficult conditions that COVID-19 brought to the world and energy industry in 2020, the Company is well positioned to generate positive underwriting results as we move forward.”
Jerry Rivers, senior vice president and chief operating officer, admitted he was disappointed with the year’s underwriting performance, but said he was “extremely pleased that OCIL grew the number of property insureds and assumed reinsurance treaties during the year at better terms than those expiring.”