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
Flowdesk Europe Receives Payment Institution Authorization from the ACPR Under PSD215.10.2026 10:30:00 EEST | Press release
Flowdesk, a global liquidity provider and digital asset trading and infrastructure provider, today announced that its European entity, Flowdesk Europe, has been authorized as a Payment Institution by the French Prudential Supervision and Resolution Authority, l'Autorité de contrôle prudentiel et de résolution (ACPR), under the second Payment Services Directive (PSD2). The authorization allows Flowdesk Europe to provide custody and transfer services for e-money tokens (EMTs), the fiat-referenced stablecoins regulated under the Markets in Crypto-Assets (MiCA) regulation, to its clients across the European Union. The authorization follows the entity’s Crypto-Asset Service Provider (CASP) authorization received from the Autorité des Marchés Financiers (AMF) under MiCA at the end of June this year. With both authorizations in place, Flowdesk Europe can now support its EU clients across the trading, custody, and transfer of crypto-assets and EMTs, reflecting the firm’s long-standing commitme
Too Good To Go Expands Its Marketplace Beyond Food15.10.2026 10:30:00 EEST | Press release
Too Good To Go, the world's largest marketplace for surplus food, today announced that it is expanding its Marketplace beyond food, enabling retailers to redistribute surplus across personal care — including skincare, haircare, oral care and beauty products — pet care, flowers and plants, nutrition and supplements, and home, initially spanning cleaning and laundry products and décor. More than 8,500 stores already supply products across these areas, around one third of which were already working with Too Good To Go to redistribute surplus food. “In today’s society, we have built incredibly efficient processes for producing and selling things at scale, creating abundance, but we have not built the same efficiency into making sure what is left over gets used. As our lives have become more convenient, we have become less conscious of what those things are worth. We used to finish what was on the plate, find a use for what we had and instinctively pause before throwing something away. Too
From AI to Autonomous Networks: Mobileum Spark Highlights the Next Frontier of Telecom Intelligence15.10.2026 10:00:00 EEST | Press release
Mobileum Inc. ("Mobileum"), a leading global provider of telecom analytics and network solutions, brought together telecom operators and industry leaders during its Mobileum Spark events series in Lisbon (Portugal) and Frankfurt (Germany), to explore how Artificial Intelligence (AI), Agentic AI and automation are transforming network operations and accelerating the evolution toward autonomous networks. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261015172815/en/ Telecom operators, industry leaders, and Mobileum experts at Mobileum Spark 2026. Focused on Risk Management & Fraud Prevention and Network Testing & Assurance, the events featured customer-led discussions, expert insights, and real-world use cases demonstrating how AI and advanced automation are helping operators address increasing network complexity, strengthen fraud prevention, improve service assurance, and drive operational efficiency. A central theme across
Merz Therapeutics Announces Completion of Recruitment in Two Phase III Trials Investigating XEOMIN ® (incobotulinumtoxinA) for Migraine Prevention15.10.2026 09:00:00 EEST | Press release
Merz Therapeutics GmbH, a leading player in neurology-focused specialty pharma, today announced the completion of patient recruitment in two global Phase III clinical trials, MINT-E (NCT07018700) and MINT-C (NCT07018713), evaluating the efficacy and safety of XEOMIN® (incobotulinumtoxinA) for the prevention of episodic and chronic migraine in adults. The trials recruited approximately 1800 adults across 109 study sites in North America and Europe. Migraine affects around 1.1 billion people worldwide, posing a significant burden on patients, society and healthcare systems.1 Both trials are evaluating the change in monthly migraine days from baseline to Month 6 as the primary endpoint. Secondary endpoints include changes in monthly headache days, acute medication days and migraine frequency during two-week periods at the end of each injection cycle. “Achieving patient recruitment for both MINT-C and MINT-E six months ahead of plan is an important milestone for our XEOMIN® migraine preven
Tourism Malaysia and Alipay+ Partner to Accelerate Malaysia’s Digital Tourism Transformation15.10.2026 08:10:00 EEST | Press release
Tourism Malaysia and Alipay+, the unified wallet gateway of Ant International, today signed a Memorandum of Understanding (MoU) to accelerate cross-border commerce and digitalise merchant engagement across Malaysia's tourism economy. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261014035900/en/ (From left) Mr Mohd Akbal Setia (Head of VM2026 Secretariat and Senior Director, Advertising & Digital Tourism); Mr Mohd Amirul Rizal Abdul Rahim (Director General, Tourism Malaysia); Mr Danny Chung (General Manager of Alipay+ Global Growth Center and Vice President of Ant International); Mr Michael Guo, Alipay+ General Manager of SEA, South Asia and ANZ, Ant International) As Malaysia welcomes visitors for Visit Malaysia 2026–2027 (VM2026–2027), this partnership merges Tourism Malaysia’s destination marketing with Alipay+’s global wallet ecosystem and AI capabilities. It aims to create a highly intelligent digital journey, connecti
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