OIL reports healthy profit for 2019
Oil Insurance (OIL), the Bermuda-based mutual insurer for the energy industry, reported a healthy profit for 2019, turning around the loss recorded in 2018, in results the chairman said showed the company is in excellent condition, financially.
OIL generated a net profit of $1.03 billion in 2019. OIL reported a $675.6 million loss in 2018.
OIL reported written premiums of $467.6 million for 2019, up from $354.9 million the previous year.
The results were presented at OIL’s first ever telephonic shareholder’s annual general meeting on April 30, having postponed the originally scheduled March 19 meeting in Bermuda due to the outbreak of COVID-19.
Meanwhile, the board of directors elected Fabrizio Mastrantonio as chairman of the board and Lars Ostebo as deputy chairman for 2020. OIL also welcomed four new shareholders into the mutual: Beach Energy, Bruce Power, Motiva Enterprises and Origin Energy.
Theodore Guidry, OIL’s outgoing chairman of the board, said the company “is in excellent condition from an operational and financial perspective.”
He added: “While economic and market conditions have changed drastically the first few months of this year, OIL remains well positioned within the energy insurance market to continue supporting the energy industry into the foreseeable future, much like it has for the past 48 years.”
Bertil Olsson, president and CEO, said 2019’s performance should allow OIL to effectively weather the difficult conditions in 2020, without disrupting shareholders.
“Our goal is to deliver stable capacity, consistent terms and conditions at a market competitive price over the long haul and through difficult market environments,” he said. “As a result, OIL does not plan to adjust its product offering during the year but remain the reliable partner our members have come to expect.”
