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
Compass Pathways Announces Exercise of $200 Million in Outstanding Warrants26.2.2026 13:30:00 EET | Press release
Compass Pathways plc (Nasdaq: CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation, announced today the exercise of 35,059,448 warrants, which were issued on January 13, 2025, for proceeds of approximately $200 million. Upon exercise of these outstanding warrants, Compass Pathways is issuing 15,160,619 American Depositary Shares (“ADSs”) and in lieu of ADSs, to certain institutional investors, pre-funded warrants to purchase up to 19,898,829 ADSs. Compass Pathways currently intends to use the proceeds from these warrant exercises, together with its existing cash and cash equivalents, to fund ongoing COMP005 and COMP006 Phase 3 trials, its Phase 2b/3 trial of COMP360 in PTSD, acceleration of its commercial readiness activities, and for working capital and general corporate purposes. The net proceeds from these warrant exercises, along with the net proceeds of approximately $141 million from the recent public offering that closed on Februar
BeOne Medicines Announces Fourth Quarter and Full Year 2025 Financial Results, Highlighting Global Success of BRUKINSA and Foundational Oncology Leadership26.2.2026 13:00:00 EET | Press release
BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, today announced financial results and corporate updates from the fourth quarter and full year 2025. “These strong financial results for the fourth quarter and full year 2025 underscore our continued evolution as a global oncology leader with durable competitive advantages in clinical development and manufacturing and one of the industry’s deepest and most differentiated pipelines,” said John V. Oyler, Co-Founder, Chairman and CEO at BeOne. “BRUKINSA has firmly established itself as the global leader in the BTK inhibitor class, distinguished by broad regulatory approvals, expanding geographic reach, strong physician adoption, and unmatched long-term efficacy and safety data in CLL. At the same time, we are securing new indications and expanded reimbursement for TEVIMBRA across key markets worldwide. With our late-stage, foundational hematology assets nearing commercialization and a robust solid tumo
Cyviz Unveils Containerized C2 Solution During HEIMDALL26.2.2026 12:00:00 EET | Press release
During Exercise HEIMDALL, organized by the Norwegian Joint Headquarters (FOH/NJHQ) this week, Cyviz is presenting its fully integrated, containerized solution for command, control, and collaboration environments. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260226587573/en/ From deployment to operations: Cyviz’ container‑based C2 solution demonstrated during Exercise HEIMDALL. James Munt, Sales Director from Cyviz, took part in the demonstration. The solution is designed for secure, standardized, and agile operations, enabling operators to fight at the edge with assured information and supporting faster decision-making, in line with the company’s strategic focus on the defense and security sector. The container solution has been developed in collaboration with Nordic Shelter, providing the container platform. The modular platform combines control room technology, visualization, and software into one integrated system. It’s
ThreatAware Secures $25M from One Peak to Give Security Teams the Power to Build26.2.2026 12:00:00 EET | Press release
ThreatAware, the cyber asset management and cyber hygiene platform trusted by enterprises across sectors including retail, financial services, and energy, today announced it has raised $25 million in funding from One Peak, the growth equity firm specialising in high-growth software scale-ups. The investment will help ThreatAware scale its rapidly growing North American operations and accelerate its ambitious product roadmap, including the launch of ThreatAware's AI-powered security workspace. At the heart of ThreatAware's platform is its proprietary cyber asset management technology, which solves a problem most organisations don't even know they have. ThreatAware's data consistently reveals that, on average, 10% of devices accessing corporate networks go completely undetected by existing tools, while 30% of security controls are missing, misconfigured, or failing silently. As cloud adoption and remote working continue to expand the enterprise attack surface, these blind spots represent
Infobip is Set to Launch AgentOS to Orchestrate Autonomous AI-Driven Customer Journeys at Scale26.2.2026 11:00:00 EET | Press release
Global AI-first cloud communications platform Infobip, which celebrates its 20th anniversary this year, is set to launch its AI-native fully managed solution AgentOS. The new platform builds on Infobip's recently launched AI Agents, the intelligent foundation for autonomous customer communications. AgentOS is a major step in Infobip’s evolution from communications platform to intelligent orchestration layer for the AI era, enabling businesses to move from campaigns and workflows to autonomous, goal-driven interactions. AI communication models enable autonomous customer communications, hyper-personalization and highly engaging content across multiple channels. However, AI agents need a unified view of all customer touchpoints to deliver such benefits. Businesses must eliminate data silos. Yet readiness is low. Few enterprise AI agent projects reach production due to unstructured data and internal barriers. AgentOS overcomes these barriers, operationalizing AI safely and at scale across
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