Oil Insurance Limited (OIL) Declares $100 Million Premium Credit for 2013
HAMILTON, Bermuda, Aug. 13, 2013 /CNW/ - The Board of Directors, at the July
2013 Board Meeting, approved a $100 million premium credit for current (2013)
Shareholders, who were shareholders of record on December 31, 2012. This
credit will approximate a 16% reduction in total premium charged to the
membership during 2013. Members will see the premium credit in their 4(th)
quarter premium billing.
Robert D. Stauffer, President & CEO of OIL, commented that "OIL is in a strong
financial position as a result of healthy investment returns and positive
underwriting results over the past 18 months. We regularly evaluate our value
proposition to make sure that our members benefit from the positive results of
our long term investment strategy and premium system."
George F. Hutchings, SVP & COO of OIL added that "Since the company's
operating objective is to deliver meaningful and broad cornerstone capacity at
cost while holding adequate capital to support the risk exposures of our
membership, it was clear to Management and the Board that granting this credit
was in the best interests of the company and its members. We operate the
company with a disciplined capital management strategy and this premium credit
demonstrates our unique long term value proposition."
For more information about OIL's property coverages and related value go to
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.
SOURCE OIL Insurance Limited (OIL)
Further inquiries regarding this press release should be directed to Barry
Brewer, VP Marketing firstname.lastname@example.org or +1-(441)-295-0905.
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CO: OIL Insurance Limited (OIL)
-0- Aug/13/2013 07:00 GMT
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