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

People & Company News

Specialised Reefer Container Operators can Thrive: DMR

Despite growing competition from container lines, specialised reefer operators can still thrive, according to Drewry’s latest Reefer Shipping Market Annual Review & Forecast,

HERCULES-2 Phoenix Rises from the Ashes

Wärtsilä Corporation advises that the HERCULES R&D programme to develop large engine technologies, which was initiated in 2004 as a joint vision by the two major European engine manufacturing groups,

Short-Term Perils of Lower Oil Prices: DW Monday

At present we are seeing lower oil prices as a function of softer demand growth in both Europe and China combined with recent output increases from OPEC, particularly Libya,

Finance

Short-Term Perils of Lower Oil Prices: DW Monday

At present we are seeing lower oil prices as a function of softer demand growth in both Europe and China combined with recent output increases from OPEC, particularly Libya,

Nigerian Minister Pledges $1.3 bln for Power Companies

Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised.

Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies.

Energy

MHPS's DeNOx System For Power Plant in Poland

Mitsubishi Hitachi Power Systems (MHPS) has received an order from ENEA Wytwarzanie S.A., a power producer in Poland, for two sets of selective catalytic reduction

Voith Hydropower Equipment for Thailand's Storage Plant

Voith has been awarded a new contract to supply the complete electromechanical equipment for a pumped storage power plant in Thailand. The order for the extension

Navy, Other Agencies, Award Bio-refinery Contracts to 3 Firms

As part of a 2011 Presidential directive, the Departments of Navy, Energy, and Agriculture have announced that three companies have been awarded contracts to construct

Insurance

XL Group Underwriters at IUMI Conference in Hong Kong

XL Group informs that its leading marine underwriters will join the annual International Union of Marine Insurance (IUMI) conference, the first time to be held

RRI Launch Marine Services J/V with a Trans-Atlantic Reach

Regional Reporting Inc. (RRI) and Global Risk Evaluations (GREvL) inform of the creation of a joint venture aimed at expanding their marine services offerings.

3rd India Ship Recycling Conference Set to be a Big Draw

Delegate registeration for the 3rd India Ship Recycling Conference is going on at a hot pace with a lot of interest having generated with the new Indian Government

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar Winch
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: 0.1692 sec (6 req/sec)