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)
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
Osmose Acquires Centillion Solutions, Inc. to Expand Its Technical Services Capabilities28.10.2025 16:00:00 EET | Press release
Osmose Utilities, Inc. today announced that it has acquired Centillion Solutions, Inc., a leading engineering services company for the telecommunications industry. Centillion provides fiber optic engineering, design, drafting and geospatial services for Fiber-to-the X (FTTx) and Hybrid Fiber Coax Networks. Founded in 2007, the company has offices in the U.S., Netherlands, UK, Australia, as well as a global design and engineering operation center in India. The acquisition of Centillion Solutions will further position Osmose with the ability to serve as a single vendor of technical services for telecom companies, providing comprehensive turn-key solutions that include pre-design walkout, Outside Plant (OSP) design, make-ready and permitting, and post construction services. “The addition of Centillion expands Osmose’s ability to deliver a complete, end-to-end fiber engineering solution providing customers with one trusted partner for planning, design, and delivery at scale,” said Mike Ada
Merck Partners with Promega to Advance 3-D Cell Drug Discovery Technologies28.10.2025 15:16:00 EET | Press release
Merck, a leading science and technology company, has entered into a partnership with Promega Corporation, a global life science solutions and service leader based in Madison, Wisconsin in the US, to co-develop novel technologies that advance drug screening and discovery. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251028493228/en/ Merck and Promega will co-develop novel technologies that advance drug discovery. The agreement unites Merck’s strength in organoids and synthetic chemistry with Promega's market leading assay and reporter technologies. Together, the companies aim to develop assays capable of tracking cellular activity in real time using an innovative reporter system within three-dimensional (3D) cell cultures. These 3D cell cultures, also called organoids, mimic the human biology, where testing can be done in a model that is physiologically more relevant than traditional two-dimensional (2D) models. “This partn
Guidewire Signs Definitive Agreement to Acquire ProNavigator28.10.2025 15:00:00 EET | Press release
CONNECTIONS CONFERENCE--Guidewire (NYSE: GWRE) today announced that it has entered into a definitive agreement to acquire ProNav Technologies Ltd. (d/b/a ProNavigator), a knowledge management platform purpose-built for the P&C insurance industry. ProNavigator delivers precise, context-aware best practice information directly within insurance workflows, helping professionals work faster and more effectively. Its platform captures, connects, and surfaces institutional knowledge across claims, underwriting, and distribution. Used by 34 insurance organizations, including 12 shared customers with Guidewire, ProNavigator helps increase productivity, reduce claim cycle times, personalize customer service, and accelerate employee onboarding. Once the acquisition is complete, Guidewire will integrate ProNavigator’s insurance-trained intelligence across its platform, delivering advanced search and contextual knowledge retrieval capabilities for underwriters, claims adjusters, brokers, agents, an
Biometrics Named the Top Fraud-Fighting Tool, Regula Study Finds28.10.2025 15:00:00 EET | Press release
As deepfakes and other impersonation attacks already hit one in three businesses worldwide, companies are resetting their defenses around biometrics. A new survey by Regula, a global developer of identity verification (IDV) solutions and forensic devices, shows that while biometrics currently ranks third in adoption, it is seen as the #1 must-have tool in the ideal future stack. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251028919490/en/ Except for the telecom and banking sectors, which are already leveraging biometrics in full, other industries are aiming to increase their adoption of biometric verification tools. Based on the survey responses, biometrics stands out for both adoption and staying power, unlike other IDV methods: on a global level, it has the lowest drop-off rate among users and the highest growth potential, with 21% of non-users planning to add it soon. What’s happening now Today, most companies still re
Nine-in-10 Legal Leaders Brace for Sharp Rise in Online IP Infringement as AI Accelerates Attacks28.10.2025 15:00:00 EET | Press release
Nine-in-10 (91%) senior legal professionals are concerned about the threat of online intellectual property (IP) infringement, according to new research commissioned by CSC, the leading provider of global business administration and compliance solutions.While 85% report an increase in IP infringements at their firms over the past 12 months, 90% are expecting more in the year ahead with 89% predicting continued escalation over the next three years. While the most common forms of IP infringement are rated as counterfeiting, trademark abuse, and brand impersonation, all of which can erode consumer trust and inflict long-term financial and reputation damage, the threat of artificial intelligence (AI) looms large—88% say AI-enabled systems are driving an increase in infringement activity, and 93% are concerned that AI-generated fake assets such as logos, images, and content could materially harm their business. The findings come from CSC’s latest study1, “IP Frontiers Report 2025: Proactive
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