Oil Insurance coverage Restricted (OIL) Board of Administrators Declares $350 Million Dividend and its Shareholders Broaden the Definition of Power Operations throughout the 2022 Annual Basic Assembly (AGM)

HAMILTON, Bermuda, March 28, 2022–(BUSINESS WIRE)–OIL held its March 2022 Board Assembly on Tuesday, March 22nd and its 2022 AGM by digital means on Thursday, March 24th.

Through the Board assembly, the administrators permitted the Firm’s 2021 monetary statements, mentioned the execution progress of the 5 12 months Strategic Plan and permitted the cost of a $350 million dividend on or earlier than June 30th, 2022 for shareholders of document on March 22nd, 2022.

Through the AGM, the Shareholders permitted a broadened Definition for Power Operations that provides biochemicals, biofuels, renewable fuels, hydrogen and carbon seize and/or sequestration to OIL’s current Power Operations definition. Additionally they elected a brand new Board of Administrators who will serve for a 12 months ending on the March 2023 AGM.

After the AGM, the newly elected Board met and elected John Weisner as Chair of the Board and Robert Wondolleck as Deputy Chair.

Over the previous 12 months, OIL welcomed 5 new shareholders to the mutual – North West Redwater Partnership, Formosa Plastics, Edison Worldwide, Los Angeles Division of Water & Energy and CEZ.

For 2021, OIL recorded a $266.0 million underwriting revenue. After factoring in internet funding beneficial properties and administrative bills, OIL’s internet revenue for the 12 months was $667.5 million. For added details about OIL’s 2021 monetary outcomes, please go to www.oil.bm to view our audited monetary statements.

Bertil Olsson, President and CEO, defined, “The Board determined to authorize the $350 million dividend after rigorously reviewing the corporate’s multi-year Capital Administration Plan and whereas contemplating future capital wants which will come out of its Strategic Plan which was finalized in December 2021.”

George Hutchings, Senior Vice President and COO commented, “the sturdy efficiency in 2021 and the strong capital place of the corporate has enabled us to as soon as once more return a big quantity of capital to our shareholders and display the superior worth of the OIL mannequin.”

For extra details about OIL’s property coverages and associated worth go to www.oil.bm.

Oil Insurance coverage Restricted (OIL) insures over $3.6 trillion of worldwide power belongings for greater than sixty members with per incidence property limits as much as $450 million totaling greater than $22 billion in complete A rated property capability. Members are medium to massive sized private and non-private power corporations with not less than $1 billion in bodily property belongings and an funding grade ranking or equal. Merchandise/protection provided embody Property (Bodily Injury), Windstorm (excluding Offshore GOM), Non Gradual Air pollution, Management of Effectively, Removing of Wreck, Terrorism, Cyber, Building and Cargo. The business sectors that OIL protects embody Offshore and Onshore Exploration & Manufacturing, Refining and Advertising and marketing, Petrochemicals, Mining, Pipelines, Electrical Utilities, Photo voltaic, Offshore and Onshore Wind, Offshore and Onshore Carbon Seize, Hydrogen, Biochemicals/BioFuels/Renewable Fuels, Electrical Storage and different associated power enterprise sectors.

Additional inquiries concerning this press launch must be directed to George Hutchings, SVP & COO at [email protected] or +1 (441) 295-0905.

View supply model on businesswire.com: https://www.businesswire.com/news/home/20220328005761/en/

Contacts

George Hutchings, SVP & COO
[email protected]
+1 (441) 295-0905

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