Oil Insurance Limited (OIL) Declares $300 Million Dividend and Passes Experience Modification Proposal

Hamilton, Bermuda (ots/PRNewswire) -

OIL held its 2014 Shareholder's Annual General Meeting (AGM) on
Wednesday, March 26th at the Fairmont Southampton Hotel and conducted
the review and approval of the 2013 annual financial statements and
election of directors.

For 2013, OIL wrote and earned $550.4 million of premium that
resulted in $53.2 million of Underwriting Income. After factoring in
net investment income and administrative expenses, OIL's net income
for the year was $631.9 million. For additional information about
OIL's 2013 financial results, please visit http://www.oil.bm to view
our audited financial statements. After the review of the year-end
financials, shareholders approved the financial statements and the
re-appointment of KPMG as auditors for the fiscal 2014 year.

In addition, the Company reported that the Board of Directors had
declared a dividend in an aggregate amount of $300 million to all
shareholders on record as of January 1, 2014 payable on April 30,
2014 in recognition of OIL's continued financial success and solid
financial condition.

Robert D. Stauffer, President & CEO, commented that "Oil Insurance
Limited is committed to providing long term value to its membership
by offering significant policy limits with broad terms and
conditions, returning excess value by way of premium credits and
dividends when appropriate as well as potentially considering
additional coverages to enhance the overall value proposition of
being a member."

During the AGM, the shareholders voted to accept the Board's and
Management's proposal for Experience Modification with 94% of the
vote approving the proposal. Experience Modification is the process
by which OIL will adjust shareholders' future premium levels based
upon their loss experience in OIL.

George Hutchings, Senior Vice President & COO, stated that "This
vote sends a clear message to the Energy Insurance Industry that the
inclusion of Experience Modification in the Rating & Premium Plan
greatly enhances OIL's overall value proposition for both current
members and potential prospects."

After the AGM adjourned, the Board of Directors met and elected
Gerard Naisse as Chairman of the Board and Roberto Benzan as Deputy
Chairman.

Gerard Naisse, the newly elected Chairman, commented that the $300
million dividend demonstrates the Board's commitment to return value
to OIL's shareholders and comes on the heels of a $100 million
premium credit that was granted in 2013 as well as an increase in
policy limits to $300 million that was offered in 2012. In addition,
Chairman Naisse indicated that he was extremely pleased with the very
strong shareholder support of the Experience Modification program and
pointed to the 94% approval vote as an indicator of the strong
commitment of the shareholders to OIL.

For more information about OIL's property coverages and related
value go to http://www.oil.bm.

Oil Insurance Limited (OIL) insures over two trillion dollars of
global energy assets for more than fifty members with property limits
up to $300 million totaling more than eleven billion dollars in total
A-rated property capacity. Members are medium to large sized public
and private energy companies with at least $1 billion in physical
property assets and an investment grade rating or equivalent.
Products offered include Property (Physical Damage), Windstorm, Non
Gradual Pollution, Control of Well, Terrorism, Construction and
Cargo. The industry sectors that OIL protects include Offshore and
Onshore Exploration & Production, Refining and Marketing,
Petrochemicals, Mining, Pipelines, Electric Utilities and other
related energy business sectors.

ots Originaltext: OIL Insurance Limited (OIL)
Im Internet recherchierbar: http://www.presseportal.de

Contact:
Further inquiries regarding this press release should be directed
to George Hutchings, SVP & COO at george.hutchings@oil.bm or +1 (441)
295-0905.