Oil Casualty Insurance Holds AGM
Oil Casualty Insurance, Ltd. [OCIL] held its Annual General Meeting of Shareholders on March 29th, 2012 at the Fairmont Southampton Hotel.
Gregory LaSalle, OCIL Chairman, welcomed Shareholders to the AGM and thanked them for their significant contributions, while Robert Stauffer, President & Chief Executive Officer was pleased to announce that 2011 marked the Company’s 25th year of operation.
Renewal retention rates remain strong at 97% and the Company has managed to increase both its direct insurance and reinsurance earned premiums by 33% over fiscal year 2010. Further, in December of 2011 A.M. Best reaffirmed OCIL’s financial strength rating of A- (Excellent) and an issuer credit rating of “a-“.
He acknowledged the Company’s achievements and expressed gratitude towards the Board of Directors, Shareholders, management and brokerage community for their continued support throughout the year. Mr. Stauffer reaffirmed the Company’s dedication and focus to serving the needs of its Shareholders and Policyholders in the energy industry.
Jerry Rivers, Senior Vice President & Chief Operating Officer stated that the Company experienced another year of growth; welcoming one new Shareholder and 24 Non-Shareholder Policyholders. In addition, three new reinsurance treaties were written in 2011.
The total number of insureds reached 96 at fiscal year ending November 30, 2011. Mr. Rivers also noted that as of February 1st, 2012, the number of insureds increased further to 98, a record level. Additionally, the Company’s reinsurance operations include a record number of 6 programs currently under contract.
Ricky Lines, Senior Vice President & Chief Financial Officer provided a summary of the Company’s financial and investment results for the year. The Company generated Net Income of $29.6 million for fiscal year ending November 30, 2011 compared to a net loss of $19.3 million a year earlier.
At fiscal year-end November 30, 2011, Shareholders’ Equity stood at $461 million, a 7% increase over the same period last year. The financial statements may be obtained through the Company’s website www.ocil.bm.
Following the meetings, a Board of Directors meeting was held at which time Gregory LaSalle and James Lyness were reelected as Chairman and Deputy Chairman respectively. A complete list of newly elected directors may be viewed on the Company’s website at www.ocil.bm.
In conclusion, Mr. Stauffer noted that OCIL is excited to begin its second quarter-century on a solid footing thanks to the efforts of their stakeholders.
