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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

DSC Dredge Receives President’s E-Star Award

DSC Dredge, LLC, based in Reserve, La., has received the 2016 President’s “E-Star” Award for exports.   In a ceremony held on May 16, 2016, at the U.S. Department

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Finance

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Energy

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

Strike Idles 38 Oil Tankers at Fos-Lavera

Some 38 oil tankers have been held up at the Fos-Lavera oil port in southern France, the country's biggest, including 25 at harbour, up from 12 the previous day,

Höegh LNG Turns to Profit in 1Q

Höegh LNG returned to profit following a Profit after tax of USD 6.3 million for the first quarter of 2016, up from USD 4.0 million net loss in the fourth quarter 2015.

Insurance

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

Towing Vessel Inspection Bureau Elects New Leaders

Towing Vessel Inspection Bureau Holds Annual Membership Meeting; Elects New Leadership and Votes to Proceed with a Third Party Organization Application to the Coast

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.1134 sec (9 req/sec)