OIL reports $587.7 million profit for 2017
Bermuda-based Oil Insurance (OIL) recorded a $71.3 million underwriting loss in 2017, but said that that after factoring in net investment income and administrative expenses, OIL’s net income for the year totalled $587.7 million.
OIL held its 2018 shareholder’s annual general meeting (AGM) on Thursday, March 22 at the Fairmont Southampton Bermuda. During the meeting, it conducted the review and approval of the 2017 annual financial statements as well as the election of directors.
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. The industry sectors that OIL protects include offshore and onshore exploration & production, refining and marketing, petrochemicals, mining, pipelines, electric utilities, renewables and other related energy business sectors.
“I am very pleased with the progress the company has made executing the strategic plan during the year," stated George Hutchings, senior vice president & COO. "It undoubtedly will help position us for the future. As an example and during 2017, the board approved the introduction of the renewables sector, which will allow the company to adapt to and embrace the significant investments its members are making in this segment of the energy industry.”
“OIL is firmly footed on a tremendously strong foundation established over its 46 year history,” said Roberto Benzan, OIL’s outgoing chairman. “Over that time frame, the company has steadfastly focused on shareholder value and will continue to do so in the years ahead.”
After the AGM adjourned, the board of directors met and elected Theodore Guidry II as chairman of the board and Fabrizio Mastrantonio as deputy chairman for 2018.
