HAMILTON, Bermuda, Sept. 15, 2011 /CNW/ - Oil Insurance Limited (OIL)
held a Special General Meeting (SGM) on Tuesday September 13th, 2011 at
the Fairmont Southampton Hotel in Bermuda at which time Shareholders
approved various changes to the basic property, well control and
pollution coverages as well as for the Designated Named Windstorm (DNW)
program. All proposals passed by the shareholders will take effect as
of January 1st, 2012.
Concurrent with the Shareholders voting to establish separate
Aggregation Limits for DNW and for all other events, the Board of
Directors authorized the per occurrence limit to increase to $300
million from $250 million for all events besides DNW. DNW per
occurrence limits will remain constant at $150 million part of $250
million. The Board also set the newly split Aggregation Limits to $900
million for non-DNW events and $750 million for DNW events.
CEO Robert Stauffer commented: "With over 50 of the world's largest
energy companies as members, OIL continues to be one of the world's
largest providers of property, well control and third party pollution
cover to the energy industry. During our most recent membership survey,
the majority of our members asked that we consider increasing our per
occurrence and aggregation limits. As a mutual, it is critical that we
remain responsive to our member needs and to provide meaningful
capacity to the industry, especially as our member's asset exposures
continue to increase. As such, we believe these limit increases and
modifications are extremely valuable to our current membership and will
also be attractive to those considering membership in the future".
COO George Hutchings stated "The Company has and will continue to
regularly evaluate the overall value proposition it provides to its
members with an eye to periodically improving it over time. We are
certainly pleased to have the members' support in providing these
SOURCE OIL Insurance Limited (OIL)
For further information:
Barry Brewer VP Marketing at email@example.com or +1-(441)-295-0905.