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
EdgeConneX Looks to Enter Swedish Market as Part of European Data Center Expansion Strategy27.2.2026 09:05:00 EET | Press release
EdgeConneX®, an EQT portfolio company with an extensive Pan-European data center footprint, looks to expand its presence with a new site located in Skellefteå, Sweden. The data center site will be acquired from Lyten, a global company that specializes in lithium-sulfur batteries and energy storage. The site would support EdgeConneX broader strategy to expand digital infrastructure capacity across the Nordics. Subject to the completion of applicable administrative and regulatory processes, EdgeConneX will look to develop a data center campus with potential capacity of up to one gigawatt in support of future AI and cloud computing workloads. Upon completion, the data center campus would be one of the largest facilities in Europe that would be primarily powered by renewable energy. “Sweden represents an attractive long‑term market for digital infrastructure investment. The country’s access to renewable energy, stable power grid, technical workforce and strong sustainability framework alig
Lyten Completes Acquisition of Northvolt Sweden and Establishes its First Lyten Industrial Hub in Sweden27.2.2026 09:00:00 EET | Press release
Lyten, a global leader in lithium-sulfur batteries and energy storage, announced today that it has completed the acquisition of Northvolt Ett and Ett Expansion (Skellefteå, Sweden) and Northvolt Labs (Västerås, Sweden). The Northvolt Sweden acquisition includes 16 GWh of existing battery manufacturing capacity, more than 160 hectares of land, infrastructure and buildings to support expanded manufacturing and industrial activities, and the largest and most advanced battery research and development center in Europe. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260226538293/en/ Northvolt Labs, the largest battery research and development facility in Europe. Located in Västerås, Sweden. Lyten additionally announced the formation of the Lyten Industrial Hub, located in Skellefteå, at the Northvolt Ett site. The industrial hub will utilize the infrastructure built by Northvolt and access to abundant, clean hydro power to co-loca
SOLUM and Competera Expand Partnership to Integrate AI-Driven Pricing Solutions with Real-Time ESL Execution Across Europe27.2.2026 09:00:00 EET | Press release
SOLUM (KOSPI: 248070) and Competera announced the expansion of their strategic partnership to further connect AI-driven pricing intelligence with real-time Electronic Shelf Label (ESL) execution across European retail networks. The announcement follows strong engagement at EuroShop, where the integrated solution attracted significant interest from the local retail operators. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260226065052/en/ SOLUM and Competera announced the expansion of their strategic partnership (Image: SOLUM) The collaboration brings together Competera’s AI-driven pricing solutions for enterprise retail with SOLUM’s Newton ESL platform, enabling retailers to align advanced price optimization with synchronized shelf-edge communication. Competera’s platform applies machine learning and advanced analytics to help retailers balance competitiveness and value-based pricing, strengthen customer loyalty, improve pri
OpenSynergy's Blue SDK Now Drives More Than 400 Million Cars27.2.2026 09:00:00 EET | Press release
OpenSynergy's Blue SDK, the industry-leading independent Bluetooth® stack, is now deployed in over 400 million cars. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260226654887/en/ OpenSynergy's Blue SDK now drives more than 400 million cars OpenSynergy is thrilled and very proud to announce that Blue SDK is now integrated in more than an estimated 400 million cars worldwide, deployed by virtually all the major OEMs across a wide range of vehicles, segments, and markets, offering extensive and consistent interoperability between many generations of smartphones and cars. “This is an incredible milestone for OpenSynergy, but it is also a testament to the ubiquity of the Bluetooth standard in our everyday lives and the success of the entire Bluetooth ecosystem under the leadership of the Bluetooth SIG,” comments Kathleen Ende, CEO, OpenSynergy. “Blue SDK is now an essential part of the daily automotivecockpit plug and play expe
Galderma’s Nemluvio ® (nemolizumab) Demonstrates Long-Term Disease Control in Prurigo Nodularis up to Three Years27.2.2026 08:00:00 EET | Press release
Galderma (SIX: GALD) today announced new data from the OLYMPIA open-label extension study investigating the long-term safety and efficacy of Nemluvio in moderate-to-severe prurigo nodularis.1 Results showed that Nemluvio maintained long-term disease control and a well-tolerated safety profile, with clinically meaningful improvements in itch intensity, skin lesions and quality of life up to three years.1 Results will be presented at 2026 Winter Clinical Miami and build on previous data from OLYMPIA – the largest completed pivotal clinical program in prurigo nodularis and the only one with a LTE study.1,6,7 This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260226796734/en/ “Prurigo nodularis is not only intensely itchy, painful and uncomfortable, it can also take a profound toll on sleep, emotional wellbeing, and daily functioning. That’s why achieving sustained, long-term disease control is critical for patients. These data show
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