Oil Insurance Limited (OIL) Board of Directors Declares $350 Million Dividend and its Shareholders Broaden the Definition of Energy Operations during the 2022 Annual General Meeting (AGM)
28.3.2022 21:12:00 EEST | Business Wire | Press release
OIL held its March 2022 Board Meeting on Tuesday, March 22nd and its 2022 AGM by virtual means on Thursday, March 24th.
During the Board meeting, the directors approved the Company’s 2021 financial statements, discussed the execution progress of the 5 year Strategic Plan and approved the payment of a $350 million dividend on or before June 30th, 2022 for shareholders of record on March 22nd, 2022.
During the AGM, the Shareholders approved a 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 AGM.
After the AGM, the newly elected Board met and elected John Weisner as Chair of the Board and Robert Wondolleck as Deputy Chair.
Over the past 12 months, OIL welcomed five new shareholders to the mutual – North West Redwater Partnership, Formosa Plastics, Edison International, Los Angeles Department of Water & Power and CEZ.
For 2021, OIL recorded a $266.0 million underwriting profit. After factoring in net investment gains and administrative expenses, OIL’s net profit for the year was $667.5 million. For additional information about OIL’s 2021 financial results, please visit www.oil.bm to view our audited financial statements.
Bertil Olsson, President and CEO, explained, “The Board decided to authorize the $350 million 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.”
George Hutchings, Senior Vice President and COO commented, “the strong performance in 2021 and the robust capital position of the company has enabled us to once again return a significant amount of capital to our shareholders and demonstrate the superior value of the OIL model.”
For more information about OIL’s property coverages and related value go to www.oil.bm .
Oil Insurance Limited (OIL) insures over $3.6 trillion of global energy assets for more than sixty members with per occurrence property limits up to $450 million totaling more than $22 billion in total A rated property capacity. Members are medium to large sized public and private energy companies with at least $1 billion in physical property assets and an investment grade rating or equivalent. Products/coverage offered include Property (Physical Damage), Windstorm (excluding Offshore GOM), Non Gradual Pollution, Control of Well, Removal of Wreck, Terrorism, Cyber, Construction and Cargo. The industry sectors that OIL protects include Offshore and Onshore Exploration & Production, Refining and Marketing, Petrochemicals, Mining, Pipelines, Electric Utilities, Solar, Offshore and Onshore Wind, Offshore and Onshore Carbon Capture, Hydrogen, Biochemicals/BioFuels/Renewable Fuels, Electrical Storage and other related energy business sectors.
Further inquiries regarding this press release should be directed to George Hutchings, SVP & COO at george.hutchings@oil.bm or +1 (441) 295-0905.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220328005761/en/
Contact information
George Hutchings, SVP & COO
george.hutchings@oil.bm
+1 (441) 295-0905
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Robbyant Releases LingBot-Touch to Bring General-Purpose Touch Perception to Robots10.11.2026 11:23:00 EET | Press release
Robbyant, an embodied AI company within Ant Group, today announced the open-source release of LingBot-Touch, a tactile foundation model that gives robots a critical missing sense by enabling robust touch perception. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261109284905/en/ LingBot-Touch encodes magnetic tactile, visual tactile, and piezoresistive signals into unified tactile tokens for use by different action models. Pre-trained on nearly 5,000 hours of real-world tactile data, the model covers three mainstream sensing modalities—magnetic tactile, visual tactile, and piezoresistive sensing—and translates their diverse signals into a unified tactile representation. This allows different dexterous hands and action models to share and reuse tactile understanding, enabling robots to not only “see clearer” and “think deeper,” but also “feel sharper” during fine manipulation tasks, such as turning pages, unscrewing bottle ca
Heitman Partners with Talliosake to Establish Nordic Drive-Up Self-Storage Platform Talli10.11.2026 11:00:00 EET | Press release
Heitman LLC (“Heitman”), a global real estate investment management firm, today announced the launch of Talli, a new Nordic drive-up self-storage platform established through the acquisition of the majority of Talliosake Oy’s (“Talliosake”) rental operating business. Talliosake will remain a minority investor in Talli. Completed on behalf of Heitman’s European value strategy, the transaction establishes a platform for expansion across Finland and Sweden and builds on Heitman’s Nordic self-storage presence following its acquisition of the Servistore platform in Sweden in 2024. The Talli platform brings together the experienced management team that has driven Talliosake’s growth with Heitman’s global investment and operational capabilities. Since 2010, Talliosake has delivered more than 6,400 drive-up self-storage units across 230 properties in Finland and Sweden, building deep expertise in land acquisition, planning, development, leasing, and asset management. Together, Heitman and Tall
Quectel Launches EG216Q-GL and BG950Q-GL to Give IoT Device Makers a More Cost-efficient, Lower-power Upgrade Path10.11.2026 11:00:00 EET | Press release
Quectel Wireless Solutions, a global end-to-end IoT solutions provider, today announced the EG216Q-GL and BG950Q-GL, two next-generation global cellular IoT modules based on Qualcomm technology. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261110650568/en/ Quectel launches EG216Q-GL and BG950Q-GL to give IoT device makers a more cost-efficient, lower-power upgrade path Built in Quectel’s widely adopted EG2 and BG95 form factors, the modules give device makers a direct route from established legacy platforms to a more cost- and power-optimized generation. Customers can reuse the board designs and development work they already have. The EG216Q-GL is an LTE Cat 1bis module for customers whose designs use Quectel’s EG2-footprint modules. These include the EC2x series, EC200A series, EG25-G, EG25-GL, EG21-G and EG21-GL, as well as the UC200A-GL. Because it shares their form factor, manufacturers can upgrade while keeping their
Wise Selects Navan to Modernize Global Travel Program10.11.2026 11:00:00 EET | Press release
Navan (NASDAQ: NAVN), the global AI-powered business travel and expense platform, today announced that Wise (Nasdaq:WSE, LSE:WISE), the global financial technology company building the best way to move and manage the world's money, has selected Navan to manage its business travel program. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261109603155/en/ Global financial technology company plans to improve traveler choice, cost control and visibility “Our teams travel across the world to work together and support our customers, so it's important that booking and managing travel is straightforward,” said Hanro Hennig, VP Global Real Estate, Workplace and Risk at Wise. “We're working with Navan to make that experience simpler, while giving us better visibility and control over travel costs.” Key anticipated benefits of the partnership include: Better choice: A wider range of airfares means that employees are offered a broader, be
OBI Group Will Adopt Blue Yonder Solutions to Unify Demand Planning and Replenishment Across 660+ European Stores10.11.2026 10:00:00 EET | Press release
OBI Group, a leading European Home and Garden retailer, has begun adopting Blue Yonder Demand Planning and end-to-end replenishment capabilities across its stores and distribution centers, with plans to ultimately deploy them to more than 660 stores across all of its markets. The deployment replaces multiple systems with a single, scalable platform. It also gives OBI AI-enabled forecasting and automated replenishment from distribution centers to store shelves, improving product availability for millions of customers across Europe. OBI selected Blue Yonder to consolidate fragmented planning systems into one integrated platform. That helps improve forecast accuracy across assortment types and planning timeframes while standardizing forecasting and replenishment processes across its network. Blue Yonder’s machine-learning capabilities and the prospect of future collaboration on a broader supply-chain transformation were key factors in OBI’s decision. Blue Yonder Professional Services led
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom