Oil Insurance Limited (OIL) 2010 Annual General Meeting and Operational ReportBy Oil Insurance Limited oil, PRNE
Sunday, March 27, 2011
HAMILTON, Bermuda, March 28, 2011 - Oil Insurance Limited (OIL) held its 2011 Annual General
Meeting(AGM) on March 23rd, 2011 at the Fairmont Southampton Hotel in
Management reviewed OIL's 2010 audited financials with the
shareholders. During the year, OIL had $783.7 million of written and earned
premium while incurred losses totaled $422.7 million. Inclusive of loss
adjustment expenses, OIL's net underwriting income was $361.8 million.
Includingnet investment income of $435.7 million in the results, as well as
G&A and other expenses, OIL experienced net income for the year of $781.8
Shareholders voted on a new slate of directors for the
2011-2012 year. Trygve Imsland was re-elected as Chairman of the Board while
Mark Wilson was re-elected Vice Chairman.
At the meeting, shareholders passed an amendment to the way in
which the windstorm deductibles are applied when a shareholder has a combined
loss from both onshore and offshore assets. In addition and prior to the AGM,
the Board of Directors met and affirmatively voted to clarify the way members
declare Oil Sands assets in their asset declaration.
OIL updated its shareholders on its Strategic Plan including
the findings related to the all-member survey. Based on the membership's
feedback, the Company will continue toevolve its total product offering for
its various coverages. The goal is to grow the value of OIL for existing
shareholders and future prospective members.
Robert Stauffer, President & Chief Executive Officer,
commented "The fact that the company did not suffer any losses from 2010
hurricane activity was a highlight and enabled the Company to focus on
dealing with expected losses. At the same time, the Company was able to
finalize, and pay, the remainder of the outstanding loss payments from
hurricanes Katrina and Rita."
"Operationally, 2010 was a year of transition as the company
focused on the implementation of the necessary systems and procedures. The
Company's new Lock-in Plan and "Named Windstorm," pools were approved in 2009
and system changes were put into effect for enactment as of Jan 1, 2010.
"In nearly 40 years of existence, OIL has grown to the point
of insuring nearly two trillion dollars of member's global assets, which is
secured by over $3.2 billion in shareholder's equity with company total
assets at year end standing at $5.9 billion.
George Hutchings, Senior Vice President & Chief Operating
Officer, added that
"With the successful implementation of the changes to our
windstorm coverage and the Rating & Premium Plan, the internal operational
issues that the company faced in 2009 are considered addressed and resolved.
The time is right to focus on external-facing initiatives with a view to
growing our membership; a strategic goal which our membership survey
indicates is keenly supported by our shareholders."
"2010 marked OIL's renewed focus on marketing activities to
attract new global members. OIL devised a multi-pronged marketing approach
that we believe will strengthen the Company's relationship with our existing
members, attract new quality members to the organization and advance our
relationship with the insurance broker community."
"To date, our marketing efforts have been well received and we
intend to continue executing this plan through 2011 and beyond. After the
Macondoincident, OIL is also very well-positioned to help provide an
anticipated increase in coverage requirements to those who are not presently
For a list of the new slate of directors for the 2011 - 2012
year and a more in-depth evaluation of OIL's 2010 audited financial results,
please see our complete financial results on our website at
Further inquiries regarding this press release should be directed to Barry Brewer VP Marketing at barry.brewer at oil.bm or +1(441)295-0905.
Tags: Bermuda, Hamilton, March 28, Oil Insurance Limited (oil)