Oil Insurance Limited Declares $200M Dividend
At its December 2016 Board Meeting held on Thursday, December 8th, the Board of Directors of Oil Insurance Limited [OIL] declared a $200 million dividend payable on or before December 31st, 2016.
“The Board made this declaration, in conjunction with the $200 million dividend declaration it made on March 31st, 2016 that was paid earlier in the year, based upon OIL’s strong capital position and the company’s robust capital management plan,” the company said.
“In addition to the dividend decision, the Board authorized management to proceed with the implementation of its 2016 Strategic Plan that encompasses the following key areas of its operations: Product Offering, Member Services and Marketing & Distribution. The final plan will be shared with the membership at its March 2017 AGM.”
Roberto Benzan, OIL’s Chairman, commented that “The $200 million dividend demonstrates the Board’s commitment to return value to OIL’s shareholders when it is prudent to do so.”
He further added that “the newly authorized Strategic Plan is designed to further advance and accentuate OIL’s unique value proposition for our shareholders and I look forward to its implementation.”
