OCIL holds its AGM

OCIL held its Annual General Meeting of Shareholders on March 21 at the Fairmont Southampton Hotel, Bermuda. 

Robert Stauffer, president and chief executive officer announced that 2012 marked the company’s 26th year of providing protection to the global energy industry. 

Renewal retention remained strong at greater than 90 per cent and the Company increased its premiums earned by 72 per cent over fiscal year 2011.

Further, in the fourth quarter of 2012, OCIL successfully launched its direct and facultative property line of business.

The company finished the year with record written premium of $145.9 million. The company generated net income of $28.3 million for fiscal year ending November 30, 2012. 

At fiscal year-end November 30, 2012, Shareholders’ Equity stood at $489 million, a six  per cent increase over the same period last year. The financial statements may be obtained via www.ocil.bm.

Following the meetings, a Board of Directors meeting was held at which time Theodore Guidry II and James F. Hughes III were newly elected as chairman and deputy chairman respectively.