Oil Insurance Approves $100M Premium Credit
The Board of Directors of Oil Insurance Limited, 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.”
