OIL Declares $300M Dividend

Monday, March 31, 2014

Oil Insurance Limited (OIL) held its 2014 Shareholder's Annual General Meeting (AGM) on Wednesday, March 26 at the Fairmont Southampton Hotel and conducted the review and approval of the 2013 annual financial statements and election of directors.

For 2013, OIL wrote and earned $550.4 million of premium that resulted in $53.2 million of Underwriting Income. After factoring in net investment income and administrative expenses, OIL's net income for the year was $631.9 million. After the review of the year-end financials, shareholders approved the financial statements and the re-appointment of KPMG as auditors for the fiscal 2014 year.

In addition, the Company reported that the Board of Directors had declared a dividend in an aggregate amount of $300 million to all shareholders on record as of January 1, 2014 payable on April 30, 2014 in recognition of OIL's continued financial success and solid financial condition.

Robert D. Stauffer, 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 value 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."

During the AGM, the shareholders voted to accept the Board's and Management's proposal for Experience Modification with 94% of the vote approving the proposal. Experience Modification is the process by which OIL will adjust shareholders' future premium levels based upon their loss experience in OIL.

George Hutchings, Senior Vice President & COO, stated that "This vote sends a clear message to the Energy Insurance Industry that the inclusion of Experience Modification in the Rating & Premium Plan greatly enhances OIL's overall value proposition for both current members and potential prospects."

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

Gerard Naisse, the newly elected Chairman, commented that the $300 million dividend demonstrates the Board's commitment to return value to OIL's shareholders and comes on the heels of a $100 million premium credit that was granted in 2013 as well as an increase in policy limits to $300 million that was offered in 2012. In addition, Chairman Naisse indicated that he was extremely pleased with the very strong shareholder support of the Experience Modification program and pointed to the 94% approval vote as an indicator of the strong commitment of the shareholders to OIL.

oil.bm

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Diana Shipping Announces $53.5m Drawdown

Diana Shipping Inc. announces signing and drawdown of a $53.5 million term loan facility with BNP Paribas; announces time charter contract for m/v Nirefs with Glencore   Diana Shipping Inc.

Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse.

Denmark Arrests Former OW Bunker Manager

Denmark has arrested a former manager of collapsed ship fuel supplier OW Bunker and intends to hand him to Italy, where he is suspected of fraud, the Danish public prosecutor said on Thursday.

Finance

Diana Shipping Announces $53.5m Drawdown

Diana Shipping Inc. announces signing and drawdown of a $53.5 million term loan facility with BNP Paribas; announces time charter contract for m/v Nirefs with Glencore   Diana Shipping Inc.

Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse.

NSRP Awards $11m for R&D Project Portfolio

The Executive Control Board of the National Shipbuilding Research Program (NSRP) has selected a new round of research and development projects for award, as part

Energy

Liquefaction Terminals to Draw Big Spending

Liquefaction terminals to dominate forecast LNG capital expenditure   Capital expenditure (Capex) on global liquefied natural gas (LNG) facilities is expected

Oil is on the Rise

Oil prices rose in early trading on Monday as Asian markets opened strongly into a holiday-shortened week and as consensus spread that Brent crude prices would

Fighting for Ports Escalates in Libya

Military planes loyal to Libya's recognised government attacked on Sunday an opposing force that is seeking to seize the country's two biggest oil ports, officials said.

Insurance

DSG Marine Asks Shipowners to Consider Fixed Premium P&I Cover

P&I Insurance Seminar for Owners and Charterers held in Mumbai DGS Marine, a global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I Facility,

US Obamacare Impacts the Global Marine Industry

The Affordable Care Act (ACA), otherwise known as Obamacare, the recent healthcare plan in the United States, is affecting the international superyacht industry,

Even 'Small' Vessels are Getting Bigger

The Shipowners’ Club is a mutual provider of P&I insurance that has throughout its 160 year history been dedicated to serving owners of small and specialist ships.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1573 sec (6 req/sec)