Oil Insurance Limited (OIL) Declares $380 Million Dividend and Modifies Designated Named Windstorm (DNWS) Definition
31.3.2021 21:40:00 EEST | Business Wire | Press release
OIL held its March 2021 Board Meeting on Wednesday, March 24th at its offices on 3 Bermudiana Road in Hamilton, Bermuda.
During the meeting, the directors approved the Company’s 2020 financial statements, discussed the development of its Strategic Plan, approved the payment of a $380 million dividend on June 30th, 2021 for shareholders of record on March 24th, 2021 and modified the DNWS Definition.
For 2020, OIL recorded a $66.9 million underwriting profit. After factoring in net investment gains and administrative expenses, OIL’s net profit for the year was $466.5 million. For additional information about OIL’s 2020 financial results, please visit www.oil.bm to view our audited financial statements.
The Company modified the Definition of DNWS in order to minimize the chances future named storms, which originate outside of the Atlantic Basin, become classified as DNWS. A storm’s center, instead of just a portion of a storm, now determines if it enters the Atlantic Basin and becomes a DNWS. The change is effective as of March 24th, 2021.
Fabrizio Mastrantonio, Chairman of the Board, explained, “The Board decided to authorize the $380 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 will be finalized in 2021.”
Bertil Olsson, President and CEO commented, “the strong performance in 2020 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 $3.0 trillion of global energy assets for more than fifty members with property limits up to $400 million totaling more than $21 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, Renewables 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/20210331005894/en/
Contact information
George Hutchings
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
Forrester Introduces AI Disruption Model To Assess AI’s Impact On Technology And Service Markets19.8.2026 12:00:00 EEST | Press release
According to Forrester’s (Nasdaq: FORR) AI Disruption Model, unveiled today, advancements in AI are disrupting technology markets at an unprecedented pace — enhancing the value of certain products and services while making others increasingly vulnerable to replacement. Two new reports, The Forrester AI Disruption Model: How AI Disrupts Or Accelerates Technology And Service Markets and The Forrester AI Disruption Model: Category Analysis, reveal that technology products and services that enable, secure, and govern AI are poised for significant growth due to organizations moving from experimentation to enterprise-scale deployment of AI applications and autonomous agents. In comparison, skills-based services will face disruption as AI assumes tasks that have traditionally depended on human expertise. Applied to 17 technology and service categories comprising more than 200 technology and service markets, the model analyzes whether AI is likely to accelerate, disrupt, reshape, or have limit
OKX Card Usage Surges Across Europe as Crypto Moves Into Everyday Spending19.8.2026 10:30:00 EEST | Press release
OKX, a leading global fintech company and crypto trading platform, today announced significant growth in everyday use of the OKX Card across Europe, with purchase volume increasing 280% year over year this summer and transactions rising 178%, as customers increasingly use the Card for routine spending including groceries, transport and fuel. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260819423550/en/ The OKX Card is designed to bridge the gap between holding digital assets and using them in everyday life, bringing earning, spending, and rewards together within the broader OKX ecosystem. The growth comes as crypto cards gain momentum across the wider payments industry. Industry-wide crypto card purchase volume reached a record $759 million in July, signalling that digital assets are increasingly moving beyond trading and investment and becoming part of everyday financial life. OKX's own data shows that this shift is being
Qatar to Showcase Its Gaming Ambitions at Gamescom 202619.8.2026 10:00:00 EEST | Press release
Invest Qatar, the country’s Investment Promotion Agency, and Media City Qatar will participate at Gamescom 2026 through the “Qatar Pavilion”, highlighting Qatar’s growing role as a regional hub for game development, digital content and esports. Held annually in Cologne, Germany, Gamescom, a leading global event, brings together developers, publishers, investors and creators. Qatar’s participation reflects its focus on building a competitive, innovation-led ecosystem for gaming and interactive media. Mohammed Al Mulla, Head of Investment Development, Invest Qatar, said: “Gamescom provides a key platform to connect with global gaming leaders and highlight emerging opportunities across Qatar and the wider Middle East. We are focused on enabling companies to enter and scale in a high-growth market through a business environment designed for innovation and long-term success.” Dr. Fahad Abdulla Al Hajri, Business Development Manager, Media City Qatar, said: "Gaming is becoming one of the def
SAP strengthens its cloud infrastructure in Germany with BSI-approved Layer 1 encryption from Adva Network Security19.8.2026 10:00:00 EEST | Press release
Adva Network Security, an Adtran company, today announced that SAP is harnessing its Layer 1 encryption technology to secure connectivity between its data centers in Walldorf and St. Leon-Rot, Germany. The solution secures data directly at the optical transmission layer and is approved by the Federal Office for Information Security (BSI) for information classified up to “Verschlusssache – Nur für den Dienstgebrauch” (VS-NfD) – “For Official Use Only.” By strengthening the protection of data in transit, SAP is enhancing the security architecture of its German data centers and supporting customers in the public sector, regulated industries and critical infrastructure that require compliant, controlled processing of sensitive data in Germany, particularly where strict confidentiality, regulatory traceability and operational security are essential. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260817422825/en/ Adva Network Secu
KILL NTT DOCOMO BUSINESS and Chile’s State-owned Copper Company CODELCO Launch a Study and Proof of Concept Aimed at Improving the Efficiency of Remote Copper Mine Operations Using IOWN ® APN19.8.2026 09:07:00 EEST | Press release
NTT DOCOMO BUSINESS, INC requests that their press release NewsItemId: 20260806845222 issued August 6, 2026 “NTT DOCOMO BUSINESS and Chile’s State-owned Copper Company CODELCO Launch a Study and Proof of Concept Aimed at Improving the Efficiency of Remote Copper Mine Operations Using IOWN® APN” be killed. The release was issued in error by NTT DOCOMO BUSINESS, INC. A replacement release will not be issued.
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