Oil Casualty Insurance: Net Income of $125 million
Bermuda based Oil Casualty Insurance Ltd [OCIL] announced a net income of $125 million at its Annual General Meeting of Shareholders on March 25th, 2010 at the Fairmont Southampton Hotel in Bermuda.
OCIL experienced net underwriting income of $18 million for the year and net investment gains of $116 million, which were the main contributors to the Company’s net income of $125 million for the year ending November 30, 2009.
Shareholders approved an amendment to the Shareholders’ Agreement authorizing the Company to write other lines of insurance subject to 3/4 approval by the Board of Directors for any new product line. Additionally, Shareholders approved a resolution, designed to modernize the language, amending the Company’s bye-laws.
Following the meetings, a Board of Directors meeting was held during which Gregory LaSalle and Jim Lyness were elected as Chairman and Deputy Chairman respectively.
