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
Born in Riyadh. Sold Out in Paris. stc and EWC a Winning Partnership.25.8.2026 14:02:00 EEST | Press release
stc group, a leading digital enabler, concluded its third consecutive year as a Founding and Elite Partner of the Esports World Cup (EWC), supporting the tournament as it staged its first edition outside Saudi Arabia in Paris. The largest EWC to date brought together more than 2,000 professional players and 200 clubs from over 100 countries, competing across 25 tournaments and 24 game titles for a prize pool exceeding $75 million. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260825372468/en/ Fans hold up the stc/EWC banner during the Esports World Cup 2026 grand final at the Accor Arena in Paris (Photo: AETOSWire) The move to Paris marked a new chapter for a tournament launched in Riyadh in 2024, reflecting growing international reach and the increasing profile of esports. stc’s continued partnership through that expansion reflects a broader commitment to the gaming ecosystem, supporting professional competition, amateur p
Ansaldo Energia Selects Kinaxis to Power the Future of Global Energy Infrastructure25.8.2026 14:00:00 EEST | Press release
Kinaxis® Inc. (TSX:KXS), a global leader in AI-powered supply chain planning and orchestration, today announced that Ansaldo Energia, a global leader of power generation technology, has selected the Kinaxis Maestro™ platform to help orchestrate its complex supply chain in supporting one of the fastest-growing infrastructure markets in the world. For more than 170 years, Ansaldo Energia has stood at the heart of Italy's industrial heritage, helping shape the nation's energy future while becoming a global leader in power generation technology. Today, as demand for reliable energy infrastructure accelerates, driven by AI, hyperscale data centers, electrification and energy security, Ansaldo Energia is navigating increasingly complex, high-value manufacturing programs, extended production cycles and a rapidly evolving supply chain. The selection of Kinaxis follows an extensive transformation to establish a new operating model aligned with Ansaldo Energia's long-term growth strategy. After
UL Solutions Expands Capabilities in Italy to Create European Retail Center of Excellence Supporting Customers From Product Concept to Market25.8.2026 14:00:00 EEST | Press release
UL Solutions Inc. (NYSE: ULS), a global leader in applied safety science, today announced it has expanded capabilities at its site in Lombardy, Italy, to create the European Retail Center of Excellence, giving retailers, brands and manufacturers access to a broader portfolio of services designed for a technology-enabled and rapidly innovating consumer retail environment. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260818422220/en/ UL Solutions has expanded capabilities at its site in Northern Italy to create the European Retail Center of Excellence, building on 40 years of technical expertise in the Lombardy region. “Retail product innovation is moving faster and becoming more complex, especially as smart, connected and AI-enabled products reshape consumer expectations and regulatory requirements,” said Josh Warren, Vice President and General Manager, Retail and Consumer Products at UL Solutions. “By expanding our capabil
TVS Motor Company Appoints Marcel Driessen as Division Head – Europe to Drive Next Phase of Growth25.8.2026 13:49:00 EEST | Press release
TVS Motor Company (TVSM), part of TVS VENU, and a reputed global manufacturer of two and three-wheelers, today announced the appointment of Marcel Driessen as Division Head – Europe, effective September 15th, 2026 to strengthen its international business operations and accelerate growth across key global markets. Marcel will spearhead the next phase of expansion for both the brands TVSM and Norton Motorcycles in one of the company's most strategically important regions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260825464349/en/ Marcel Driessen, Division Head – Europe, TVS Motor Company Marcel joins TVS Motor Company with more than three decades of international leadership experience across the automotive and premium motorcycle industries. Throughout his distinguished career, he has held senior commercial and management positions with some of the world's most respected brands, including Yamaha, BMW Motorrad, Ducati, Piag
NIQ and The OpenAI Deployment Company Collaborate to Bring Consumer Intelligence into Enterprise Workflows25.8.2026 13:45:00 EEST | Press release
NielsenIQ (NYSE: NIQ), a leading consumer intelligence company, today announced a collaboration with The OpenAI Deployment Company (“DeployCo”) to further extend its AI suite of products in the NIQ Optiq Suite, including NIQ Optiq Chat, Optiq Mobile, and Optiq Bridge. The collaboration builds on the AI-native growth and product momentum NIQ reported in its Q2 results and will help NIQ extend and deliver its proprietary intelligence directly into the enterprise systems and workflows clients use every day. AI is rearchitecting decision-making across commerce, reshaping how companies analyze markets, make decisions and execute work. But model capabilities alone are not enough. Business outcomes depend on the quality of the data, harmonization, semantic context and domain intelligence behind those systems. Through its work with DeployCo, NIQ is advancing how AI-ready intelligence can be accessed, applied and embedded across enterprise workflows. “We expect this work to help us build faster
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