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     627  0 Kommentare Oil Insurance Limited (OIL) Declares $250 Million Dividend and Makes Minor Changes to Its Rating & Premium Plan

    Hamilton, Bermuda (ots/PRNewswire) -

    OIL held its 2017 Shareholder's Annual General Meeting (AGM) on
    Wednesday, March 22nd at the Hamilton Princess Hotel. During the
    meeting, it conducted the review and approval of the 2016 annual
    financial statements as well as the election of directors.

    For 2016, OIL recorded a $62.0 million underwriting loss. After
    factoring in net investment income and administrative expenses, OIL's
    net income for the year was $210.4 million. For additional
    information about OIL's 2016 financial results, please visit
    http://www.oil.bm to view our audited financial statements. After the
    review of the year-end financials, shareholders approved the
    financial statements and the re-appointment of KPMG as auditors for
    the fiscal 2017 year.

    In addition, the Company reported at the AGM that the Board of
    Directors had declared a dividend in an aggregate amount of $250
    million to all shareholders on record as of January 1, 2017 payable
    on or about June 30, 2017 in recognition of OIL's continued financial
    success and solid financial condition. Lastly, the shareholders
    approved three minor changes to the Rating & Premium Plan.

    Bertil C. Olsson, President & CEO, commented that "Oil Insurance
    Limited is committed to providing long term value to its membership
    by offering significant policy limits with broad terms and
    conditions, returning excess capital by way of premium credits and
    dividends when appropriate as well as potentially considering
    additional coverages to enhance the overall value proposition of
    being a member."

    George Hutchings, Senior Vice President & COO, stated that "2016
    marked the completion of our Strategic Planning process after the
    Board approved the Company's strategic plan at its December Board
    meeting. Over the next several years, OIL will execute the approved
    plan with a focus on the company's Product Offering, Member Services
    and Marketing & Distribution."

    After the AGM adjourned, the Board of Directors met and elected
    Roberto Benzan as Chairman of the Board and Theo Guidry as Deputy
    Chairman.

    Mr. Benzan commented that "The $250 million dividend demonstrates
    the Board's commitment to return value to OIL's shareholders when it
    is prudent to do so." He further added that "OIL is firmly footed on
    a tremendously strong foundation established over its 45 year
    history. Over that time frame, the company has steadfastly focused on
    shareholder value. The Board is excited about pursuing our strategic
    plan as it will only further strengthen our overall shareholder value
    proposition."

    For more information about OIL's property coverages and related
    value go to http://www.oil.bm.

    Oil Insurance Limited (OIL) insures over $3.0 trillion of global
    energy assets for more than fifty members with property limits up to
    $400 million totaling more than $19 billion 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, Cyber, 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.

    ots Originaltext: OIL Insurance Limited (OIL)
    Im Internet recherchierbar: http://www.presseportal.de

    Contact:
    Further inquiries regarding this press release should be directed to
    George Hutchings
    SVP & COO at george.hutchings@oil.bm or +1 (441) 295-0905.


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    Oil Insurance Limited (OIL) Declares $250 Million Dividend and Makes Minor Changes to Its Rating & Premium Plan OIL held its 2017 Shareholder's Annual General Meeting (AGM) on Wednesday, March 22nd at the Hamilton Princess Hotel. During the meeting, it conducted the review and approval of the 2016 annual financial statements as well as the election of …

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