PR Newswire | 13 Aug, 2013
HAMILTON, Bermuda: The Board of Directors, at the July 2013 Board Meeting, approved a $100 million premium credit for current (2013) Shareholders, who were shareholders of record on December 31, 2012. This credit will approximate a 16% reduction in total premium charged to the membership during 2013. Members will see the premium credit in their 4th quarter premium billing.
Robert D. Stauffer, President & CEO of OIL, commented that "OIL is in a strong financial position as a result of healthy investment returns and positive underwriting results over the past 18 months. We regularly evaluate our value proposition to make sure that our members benefit from the positive results of our long term investment strategy and premium system."
George F. Hutchings, SVP & COO of OIL added that "Since the company's operating objective is to deliver meaningful and broad cornerstone capacity at cost while holding adequate capital to support the risk exposures of our membership, it was clear to Management and the Board that granting this credit was in the best interests of the company and its members. We operate the company with a disciplined capital management strategy and this premium credit demonstrates our unique long term 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 two trillion dollars of global energy assets for more than fifty members with property limits up to $300 million totaling more than eleven billion dollars 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, 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.