Oil Insurance Limited broadens definition for energy operations
The shareholders of Oil Insurance Limited (OIL) have approved the company’s 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 Annual General Meeting. John Weisner has been elected chairman.
Over the past 12 months, OIL has gained five new shareholders – North West Redwater Partnership, Formosa Plastics, Edison International, Los Angeles Department of Water & Power and CEZ.
For 2021, OIL recorded a $266m underwriting profit. After factoring in net investment gains and administrative expenses, OIL’s net profit for the year was $667.5m.
Bertil Olsson, OIL president and CEO, said the board had authorized a $350m 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.
OIL insures over $3.6tn of global energy assets for more than 60 members with per occurrence property limits up to $450m, totalling more than $22bn in total A rated property capacity. Members are medium to large sized public and private energy companies with at least $1bn in physical property assets and an investment grade rating or equivalent.
