Oil Insurance Limited (OIL) 2013 Annual General Meeting and Operational Report

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 
at http://www.oil.bm. 
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 atbarry.brewer@oil.bm or +441-295-0905. 
SOURCE: Oil Insurance Limited (OIL) 
To view this news release in HTML formatting, please use the following URL: 
CO: Oil Insurance Limited (OIL)
-0- Mar/27/2013 15:57 GMT
Press spacebar to pause and continue. Press esc to stop.