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
TestMu AI Adds Evidence Packs to Kane CLI, Turning Every AI Test Run into One Portable, Shareable File7.10.2026 17:29:00 EEST | Press release
TestMu AI (formerly LambdaTest), the Full Stack Agentic AI Quality Engineering platform, announced evidence packs for Kane CLI, its terminal-first tool for natural language browser and mobile app testing. Every Kane CLI run now produces one sealed .evidence file that holds the complete record of what the AI agent was asked to do, what it did at each step, and what happened. Kane CLI launched in April 2026, giving developers and AI coding agents a way to run tests on real browsers and mobile apps from the terminal, in plain English, with a clear pass-or-fail verdict. Since launch, it has added AI-powered test case generation and the Assurance Lifecycle, which ties tests back to requirement documents. Evidence packs are the next step: a full record of every run. As AI agents write and run more tests, engineering teams need a clear answer to a simple question: what exactly did the agent do, and why did the run pass or fail? That proof is often spread across screenshots, log folders, and d
Medisca and EUROAPI Form Strategic Partnership to Strengthen API Access for Pharmaceutical Compounding7.10.2026 17:07:00 EEST | Press release
Medisca and EUROAPI have formed a strategic partnership focused on expanding API access for pharmaceutical compounding, creating differentiated access in North America and establishing a broader framework for international growth and peptide collaboration. For more than three decades, Medisca has built its business around the evolving needs of pharmaceutical compounders. That starts with the products it chooses to bring to market but extends much further to the manufacturers behind them, the documentation and technical information supporting them, and the quality systems that carry those products through to the customer. The partnership with EUROAPI advances that approach. Under the new strategic partnership, Medisca becomes EUROAPI’s first strategic distribution partner focused on bringing its European-manufactured APIs to the North American compounding market. The collaboration includes exclusive supply arrangements for selected APIs and creates a framework to expand the offering ove
iQmetrix Launches Vendor Managed Inventory Integration with Valor Communication7.10.2026 17:00:00 EEST | Press release
iQmetrix, the global provider of Intelligent Commerce Operating Systems for telecom, is launching a Vendor Managed Inventory integration with Valor Communication, a factory-direct wireless accessory manufacturer and distributor serving carriers, retailers, and dealers since 1997. Built into the iQmetrix Intelligent Commerce Operating System, the integration connects Valor's assortment directly to the platform telecom retailers already run their business on – so replenishment runs on real sell-through data instead of guesswork, and approved accessories move from Valor's floor to the peg without manual reordering. The integration will be available to retailers across the iQmetrix client base. The addition of Valor Communication marks another step in the rapid expansion of the iQmetrix Partner Ecosystem, bringing clients a growing network of integrated partners that work natively inside the platform they already run their business on. This press release features multimedia. View the full
Hightouch Names Matthew Lubeck General Manager, EMEA7.10.2026 16:40:00 EEST | Press release
Hightouch, the leader in data and AI for marketing, has named Matthew Lubeck General Manager, EMEA. Based in London, Lubeck will lead all of Hightouch's go-to-market functions across EMEA as the company helps brands in the region move to agentic marketing. Hightouch already has a strong foundation in Europe, with offices in London and Paris, and native-speaking teams in France, the German-speaking markets, Italy, the Nordics, Benelux, and the Middle East. It supports EU data residency and runs inside each customer's own data warehouse, so customer data never has to be copied into another platform. Brands across the region use Hightouch, including Accor, HelloFresh, Currys, Telenor, Salomon, Bolt, Nando's, and Depop. The company is also growing its Middle East presence, with a new team in Dubai focused on the UAE and Saudi Arabia. Lubeck's appointment follows more than 100 percent growth for Hightouch in each of the past two years, and its $150 million Series D earlier this year. Lubeck
Lenovo Announces Tech World @ CES 2027: Defining the Next Era of Hybrid AI7.10.2026 16:01:00 EEST | Press release
Lenovo, the global technology powerhouse, today announced that its annual global innovation event will return to CES® 2027 in Las Vegas. Hosted at Sphere and part of the CES Keynote lineup, Tech World will bring together a visionary lineup of speakers and breakthrough innovations with a first-of-its-kind immersive technology and music experience. As well as unveiling the latest in Lenovo’s innovations, Tech World will unite global technology leaders and leading voices on stage to discuss the future of AI. Together, they will explore how hybrid AI can empower people and unlock new possibilities for business and society. As demand grows for responsible AI leadership, the event will provide a defining moment at the start of 2027 to consider AI’s role in unlocking human potential, sustaining the planet, and driving global progress. “AI is entering a new phase, where every individual and every enterprise should be empowered to transform data into real value,” said Yuanqing Yang, Lenovo Chai
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