HAMILTON, Bermuda, March 28, 2011 /PRNewswire/ -- Oil Insurance Limited (OIL) held its 2011 Annual General Meeting(AGM) on March 23rd, 2011 at the Fairmont Southampton Hotel in Bermuda.
Management reviewed OIL's 2010 audited financials with the shareholders. During the year, OIL had $783.7 million of written and earned premium while incurred losses totaled $422.7 million. Inclusive of loss adjustment expenses, OIL's net underwriting income was $361.8 million. Includingnet investment income of $435.7 million in the results, as well as G&A and other expenses, OIL experienced net income for the year of $781.8 million.
Shareholders voted on a new slate of directors for the 2011-2012 year. Trygve Imsland was re-elected as Chairman of the Board while Mark Wilson was re-elected Vice Chairman.
At the meeting, shareholders passed an amendment to the way in which the windstorm deductibles are applied when a shareholder has a combined loss from both onshore and offshore assets. In addition and prior to the AGM, the Board of Directors met and affirmatively voted to clarify the way members declare Oil Sands assets in their asset declaration.
OIL updated its shareholders on its Strategic Plan including the findings related to the all-member survey. Based on the membership's feedback, the Company will continue toevolve its total product offering for its various coverages. The goal is to grow the value of OIL for existing shareholders and future prospective members.
Robert Stauffer, President & Chief Executive Officer, commented "The fact that the company did not suffer any losses from 2010 hurricane activity was a highlight and enabled the Company to focus on dealing with expected losses. At the same time, the Company was able to finalize, and pay, the remainder of the outstanding loss payments from hurricanes Katrina and Rita."
"Operationally, 2010 was a year of transition as the company focused on the implementation of the necessary systems and procedures. The Company's new Lock-in Plan and "Named Windstorm," pools were approved in 2009 and system changes were put into effect for enactment as of Jan 1, 2010.
"In nearly 40 years of existence, OIL has grown to the point of insuring nearly two trillion dollars of member's global assets, which is secured by over $3.2 billion in shareholder's equity with company total assets at year end standing at $5.9 billion.
George Hutchings, Senior Vice President & Chief Operating Officer, added that
"With the successful implementation of the changes to our windstorm coverage and the Rating & Premium Plan, the internal operational issues that the company faced in 2009 are considered addressed and resolved. The time is right to focus on external-facing initiatives with a view to growing our membership; a strategic goal which our membership survey indicates is keenly supported by our shareholders."
"2010 marked OIL's renewed focus on marketing activities to attract new global members. OIL devised a multi-pronged marketing approach that we believe will strengthen the Company's relationship with our existing members, attract new quality members to the organization and advance our relationship with the insurance broker community."
"To date, our marketing efforts have been well received and we intend to continue executing this plan through 2011 and beyond. After the Macondoincident, OIL is also very well-positioned to help provide an anticipated increase in coverage requirements to those who are not presently members."
For a list of the new slate of directors for the 2011 - 2012 year and a more in-depth evaluation of OIL's 2010 audited financial results, please see our complete financial results on our website at http://www.oil.bm.
SOURCE OIL Insurance Limited (OIL)