Oil Insurance Limited (OIL) 2013 Annual General Meeting and Operational Report
HAMILTON, Bermuda, March 27, 2013 /CNW/ - Oil Insurance Limited (OIL) held its
2013 Annual General Meeting (AGM) on Wednesday March 20th, 2013 at the
Fairmont Southampton Hotel in Bermuda.
Management reviewed OIL's 2012 audited financials with the shareholders.
During the year, OIL had $672 million of written and earned premium while
incurred losses, inclusive of loss adjustment expenses, totaled $(613)
million. OIL's net underwriting income was $60 million. Including net
investment income of $608 million in the results, as well as G&A and other
expenses, OIL experienced net income for the year of $646 million.
Shareholders voted on a new slate of directors for the 2013 year.Mark Wilson
was appointed OIL's 2013 Chairman with Gerard Modecki appointed as Vice
Chairman. Additionally, the Shareholders approved the removal of the following
conditions from the rating and premium plan effective January 2014; (1) the
minimum annual premium, (2) low deductible premium and (3) premium rates.
There was also a technical correction approved with respect to the "Named
Windstorm Risk Weighting Factor" definition. In addition, the rewrite of the
OIL shareholder agreement was approved effective immediately. The timeline for
members to review the Single Pool and Experience Modification proposal was
presented and it is expected to be voted on at a Special General Meeting on
September 24(th) 2013. Members were also advised of the important OIL Policy
review and update project that has commenced.
Robert Stauffer, President & Chief Executive Officer, began the meeting by
stating "In general, 2012 was a very good year for OIL. Fortunately, we did
not experience any severe windstorm or hurricane losses and our losses came in
pretty much as we forecast and expected. In addition, our investment portfolio
returns were very good - a testament to the intense work and strategic
decision making of our investment board and financial staff. Looking forward,
our priorities will remain the same, with a focus on measured growth and
continued enhancement of member relations."
OIL Chief Operating Officer Mr. George Hutchings advised that during 2012, 2
new members joined OIL, Canadian Oil Sands Ltd and Energy Transfer Partners,
while El Paso departed after it was acquired by Kinder Morgan. OIL has been
meeting with global energy brokers on a regional basis and is in discussions
with a number of additional prospective members from multiple countries". Mr.
Hutchings also noted "A number of strategic initiatives came to fruition in
2012 including the launch of key elements of the global marketing plan along
with continued internal initiatives aimed at simplifying the rating and
premium plan and the OIL policy. Perhaps the most important marketing
development was the launch of the OTA (OIL Technical Accreditation) on-line
training program which was launched in December 2012. The OTA has already
attracted participation by over 300 members and global energy brokers".
Mr. Hutchings explained "the core of OIL's new mission is to become the
world's energy property market of choice for those companies that qualify for
membership. Many of the organization's initiatives through 2012 were
undertaken with a view to building the foundation for achieving that goal. OIL
is a unique organization and supplier of energy industry insurance capacity,
and we want to make sure that those companies that fit our member blueprint
learn about OIL's true value proposition and discover how they can benefit
from joining OIL".
For a list of the new slate of directors for the 2013 year and a more in-depth
evaluation of OIL's 2012 audited financial results, please visit our website
Oil Insurance Limited (OIL) insures over two trillion dollars of global energy
assets for more than fifty members with property limits up to $300 million
totaling more than eleven billion dollars 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 offered include Property (Physical Damage), Windstorm,
Non Gradual Pollution, Control of Well, Terrorism, Construction and Cargo. The
industry sectors that OIL protects include Offshore and Onshore Exploration &
Production, Refining and Marketing, Petrochemicals, Mining, Pipelines,
Electric Utilities and other related energy business sectors.
Further inquiries regarding this press release should be directed to Barry
Brewer, VP Marketing firstname.lastname@example.org or +441-295-0905.
SOURCE: Oil Insurance Limited (OIL)
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-0- Mar/27/2013 15:57 GMT
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