Bermuda-based OIL (Oil Insurance Limited) has elected Gerard Naisse as chairman of the board and Roberto Benzan as deputy chairman.
OIL insures over $2.8 trillion of global energy assets for more than fifty members with property limits up to $400 million, totalling more than $19 billion in total A- rated property capacity.
At the annual general meeting (AGM), OIL confirmed that this year two companies made the decision to join the organisation. One of these companies is its first Asian energy company.
For 2014, OIL experienced $551.7 million of underwriting income. After factoring in net investment income and administrative expenses, OIL’s net income for the year was $731 million.
In addition, the board of directors declared a dividend in an aggregate amount of $400 million to all shareholders on record as of January 1, 2015 payable in two equal amounts on June 15, 2015 and December 15, 2015 in recognition of OIL’s continued financial success and solid financial condition.
Naisse, the newly elected chairman, commented that the $400 million dividend demonstrates the board’s commitment to return value to OIL’s shareholders and comes on the heels of several value increases over the past few years.
Robert Stauffer, president & chief executive officer, said: “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 value 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 & chief operating officer, said: “This year was OIL’s best underwriting year in the company’s 43 year history. In addition, two companies made decisions to join OIL. One of which became the first Asian energy company to accept membership in OIL.”
OIL, Gerard Naisse, Bermuda, Insurance, George Hutchings, Robert Stauffer, Roberto Benzan, Reinsurance