HAMILTON, Bermuda, September 15, 2011 /PRNewswire/ --
Oil Insurance Limited (OIL) held a Special General Meeting (SGM) on Tuesday September 13th, 2011 at the Fairmont Southampton Hotel in Bermuda at which time Shareholders approved various changes to the basic property, well control and pollution coverages as well as for the Designated Named Windstorm (DNW) program. All proposals passed by the shareholders will take effect as of January 1st, 2012.
Concurrent with the Shareholders voting to establish separate Aggregation Limits for DNW and for all other events, the Board of Directors authorized the per occurrence limit to increase to $300 million from $250 million for all events besides DNW. DNW per occurrence limits will remain constant at $150 million part of $250 million. The Board also set the newly split Aggregation Limits to $900 million for non-DNW events and $750 million for DNW events.
CEO Robert Stauffer commented: "With over 50 of the world's largest energy companies as members, OIL continues to be one of the world's largest providers of property, well control and third party pollution cover to the energy industry. During our most recent membership survey, the majority of our members asked that we consider increasing our per occurrence and aggregation limits. As a mutual, it is critical that we remain responsive to our member needs and to provide meaningful capacity to the industry, especially as our member's asset exposures continue to increase. As such, we believe these limit increases and modifications are extremely valuable to our current membership and will also be attractive to those considering membership in the future".
COO George Hutchings stated "The Company has and will continue to regularly evaluate the overall value proposition it provides to its members with an eye to periodically improving it over time. We are certainly pleased to have the members' support in providing these increased limits."
Further inquiries regarding this press release should be directed to Barry Brewer VP Marketing at email@example.com or +1-(441)-295-0905.
SOURCE Oil Insurance Limited