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
NetApp Collaborates with Red Hat to Help Advance Data Protection and Scale for Red Hat OpenShift Deployments12.5.2026 15:00:00 EEST | Press release
NetApp® (NASDAQ: NTAP), the Intelligent Data Infrastructure company, today announced new NetApp data management capabilities optimized for Red Hat OpenShift that enable advanced levels of resilience and scale for virtualized environments, on-premises and in the cloud. The updates improve the speed and predictability of backup, recovery, and day-to-day operations so customers can migrate, scale, and manage virtual machine (VM) and container environments to enable innovation and agility with greater confidence. According to The state of virtualizationreport from Red Hat, 90 percent of organizations agree that virtualization supports innovation. Combined with the report’s finding that 71 percent of organizations have over half of their IT infrastructure virtualized, enterprises are expanding their virtualized environments to help them manage the increasing volumes of data that fuel the AI-era. As Red Hat OpenShift virtualized environments grow, backup methods that rely on scanning full VM
Telehouse Canada Undergoes Major Infrastructure Upgrade to Scale AI-Driven Organizations12.5.2026 15:00:00 EEST | Press release
Telehouse Canada, a leading data centre service provider and subsidiary of KDDI Corporation, has announced the completion of a major infrastructure upgrade designed to support the next generation of AI‑driven workloads. By introducing direct liquid‑to‑chip technology, Telehouse enables high‑density AI inference deployments within its interconnection‑rich downtown Toronto data centre environments—reinforcing the company’s leadership in delivering resilient, future‑ready facilities that power Canada’s digital transformation and support the next wave of innovation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260512456773/en/ Telehouse Canada's Advanced Cooling Framework As AI adoption accelerates across industries, organizations are increasingly seeking data centre environments capable of supporting performance‑intensive workloads at scale. These requirements are driving demand for higher‑density infrastructure and advanced
White Circle’s AI Control Platform Raises $11m from Industry Giants After Founder Goes Viral for Exposing Safety Flaw in Biggest AI Models12.5.2026 14:19:00 EEST | Press release
White Circle – the platform trusted by global brands to keep their AI models in check – has raised $11m from some of the biggest names in the industry including Romain Huet (OpenAI); Dirk Kingma (ex-OpenAI, now Anthropic); Guillaume Lample (Mistral); Thomas Wolf (Hugging Face); Olivier Pomel (Datadog); François Chollet (Keras); Mehdi Ghissassi (ex-DeepMind); Paige Bailey (DeepMind); and David Cramer (Sentry). The Seed funding will be used to further accelerate product development, expand its team across the US, UK and Europe and grow White Circle's global customer base. As firms look to capitalise on the AI boom; with vibe coding letting anyone ship AI products in an instant; and with increased reports of AI models breaking free from their safety rails, White Circle is the only all-in-one, enterprise-grade platform that tests, protects, observes and improves AI in real time. It was founded by engineer Denis Shilov who went viral in 2024 when he bypassed the safety filters of every majo
Glooko and mylife Diabetes Care Expand Diabetes Data Management Partnership12.5.2026 14:00:00 EEST | Press release
Glooko, Inc. and mylife Diabetes Care today announced an agreement to further expand their partnership, under which Glooko will serve as mylife Diabetes Care’s primary data management platform for mylife products. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260512745029/en/ This next step builds on the strong, well-established collaboration between the two companies, ensuring continuity in the way healthcare professionals and patients access data from mylife products, including mylife Loop, an automated insulin delivery (AID) solution powered by mylife CamAPS FX from CamDiab. It also strengthens the shared commitment of both companies to supporting day-to-day clinical practice and improving outcomes. “Diabetes care is increasingly connected, and data management is one of the most important layers in helping people with diabetes and care teams make sense of information across devices and therapies,” said Mike Alvarez, Chie
Xylem Releases 2025 Sustainability Report12.5.2026 14:00:00 EEST | Press release
As global water challenges intensify, efficient and resilient water management is more critical than ever. Xylem (NYSE: XYL), a leader in global water solutions, has released its 2025 Sustainability Report, demonstrating how customer-driven innovation is transforming sustainability commitments into measurable performance outcomes for communities and the environment. Performance Highlights 20 million people reached with access to clean water, sanitation, and hygiene since 2019 15% decrease in injury rate to 0.44 81% employee volunteer participation in 2025, up from 76% in 2023 16% reduction in Scope 1 and 2 (market-based) greenhouse gas emissions since 2023, progressing toward a 42% reduction target by 2030 15% improvement in water efficiency since 2023, progressing toward a 30% reduction goal by 2030 Xylem is globally recognized for sustainability, earning a place on the CDP Climate Change A List, recognition as one of TIME’s 10 Most Influential Sustainability Companies in 2026, and th
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