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
Andersen Global Strengthens Argentina Presence with Fidem Partners29.9.2026 16:30:00 EEST | Press release
Andersen Global expands its tax and transaction capabilities in Argentina through a Collaboration Agreement with Fidem Partners, strengthening its presence and service offerings in the market. Established in 2011, Fidem Partners advises businesses on tax and compliance, M&A, and business process outsourcing. The firm serves companies across the energy, technology, financial services, agribusiness, and consumer goods sectors with deep experience serving subsidiaries of multinational companies in Argentina. Its multidisciplinary team draws on experience from leading professional services firms and business environments to provide practical guidance throughout the key stages of the business lifecycle. "Most of our work is with subsidiaries of multinational companies operating in Argentina, where the regulatory environment demands judgment, not just compliance," said Darío H. Díaz, managing partner of Fidem Partners. "Collaborating with Andersen Global gives our clients access to a global
CEO Pay Tops $18 Million as Turnover Drives Six-Year High in Sign-On Bonuses, According to Diligent29.9.2026 16:00:00 EEST | Press release
Median granted CEO pay at S&P 500 companies rose by more than 8% in 2025 to reach $18.2 million, while cash sign-on bonuses for incoming CEOs hit a six-year high, according to the Executive Compensation in 2026 report from Diligent Market Intelligence. The findings point to a more consequential compensation environment for boards: leadership talent is in shorter supply, CEO transitions are costly, and investors continue to scrutinize how pay decisions connect to performance and long-term value. The Russell 3000 also saw remuneration packages grow larger, with median granted CEO pay climbing over 2% to $7.4 million. “This level of growth has been fueled by performance-based equity and stock awards while both indices have been delivering strong total shareholder returns,” said Josh Black, Editor-in-Chief of Diligent Market Intelligence. “Boards are also increasingly viewing CEOs as a scarce global talent pool.” CEO turnover drives higher transition costs Cash sign-on bonuses for new S&P
Momentum Grows for Miro MCP as Users Embrace the Canvas for AI Collaboration29.9.2026 16:00:00 EEST | Press release
Miro®, the collaboration and context layer for the AI era, has reported more than 16 million calls to its MCP server since its launch in February 2026, with usage more than doubling since May. In September alone, MCP calls are on track to reach 6 million*. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260929837812/en/ Miro's MCP server is a Model Context Protocol integration letting AI tools connect to Miro boards—creating diagrams, tables, and canvas content, and reading existing board data programmatically. Teams increasingly rely on AI to accelerate work—from discovery and planning to design and code. Yet most AI interactions happen in chat windows or static outputs that exist separately from the team's actual workspace. Miro's MCP server changes this by giving users a way to make the output from their AI tools visual, immediately editable, and accessible to the whole team on a shared canvas. Miro user data shows Claude
I-SEC Optimizes Airport Security Workforce Planning with Gurobi and Syntro29.9.2026 16:00:00 EEST | Press release
Gurobi Optimization, LLC, the leader in decision intelligence technology, and its partner Syntro, a provider of workforce scheduling solutions, are helping organizations like I-SEC, an international provider of airport security services, make better operational decisions in increasingly complex and highly regulated operating environments. As organizations face growing pressure to balance labor costs, regulatory requirements, service levels, and employee needs, many are turning to mathematical optimization to improve operational decision making. Airport security workforce planning is particularly complex, requiring organizations to align staffing levels with changing passenger volumes while adhering to strict regulations, accounting for required breaks and certifications, and ensuring coverage across multiple locations and checkpoints. Working with Syntro, I-SEC implemented a shift generator that leverages Gurobi’s solver. Rather than assigning employees directly to schedules, the solut
NTT DATA Launches ‘Intact, intelligent action.’ to Protect Fragile Places and Advance Sustainability Commitments29.9.2026 16:00:00 EEST | Press release
NTT DATA, a global leader in AI, digital business and technology services, today announced “Intact, intelligent action.” This global initiative is designed to help people and organizations translate sustainability commitments into meaningful action. The effort combines awareness, technology and stewardship in support of some of the world’s most treasured yet fragile places. Antarctica will be the first chapter. From November 25 to December 2, 2026, a dozen NTT DATA employees will join polar explorer Robert Swan and his 2041 Leadership on the Edge expedition aboard the Magellan Explorer. With the Antarctic Peninsula and nearby islands as their classroom, the NTT DATA team and more than 60 other business and community leaders will explore leadership under pressure, climate policy, sustainability and innovation with a focus on putting commitments into action. NTT DATA began working with Swan in 2022 and named him as the company’s Sustainability Ambassador in 2025. The expedition marks a 4
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