Posted in News on 01 Sep 2016

OIL’s financial results at 30th June 2016 show a solid start to the year.

Total Shareholders’ Equity increased slightly to $4286m after taking into account the $200m dividend in 2016.  

Other key figures announced were:

  • Written premiums of $400m
  • Total net underwriting income $192m
  • Investment income and general expenses $73m
  • Total H1 2016 Net income $265m

New claims of only $46m were almost entirely offset by a decrease in prior year claims.  

Following the July 2016 Board Meeting several decisions were announced by OIL including

  • An extension to the deadline for members to elect the increased $400m limit until January 1st, 2018
  • Coverage clarifications to the Terrorism and Pollution coverage
  • Confirmation that members can make multiple coverage changes per year subject to 30 days advance notice
  • Further review of the Experience Modifier premium language to address mergers, acquisitions and divestitures.