Oil Casualty Insurance Ltd made a narrow profit last year in what its chief executive officer described as “a challenging market environment”.

Ocil, which has evolved from an energy-focused mutual underwriting the risks of its shareholder companies into a multiline specialty insurer and reinsurer, posted net income of $6.8 million last year.

Shareholders’ equity reached a record high of $546 million as of November 30, 2017.

The Bermudian-based company held its annual general meeting last week at the Fairmont Southampton Resort.

Bertil Olsson, Ocil’s CEO, said: “In spite of a challenging market environment and an unusually active year for natural catastrophes, Ocil performed well and ended the year 2017 with positive growth and a net profit.

“While our focus remains on the energy industries, the company has now evolved to a specialty insurer and reinsurer with a diverse book across multiple lines that effectively acts to balance volatility in any individual segment.”

Jerry Rivers, chief operating officer, said: “The company experienced yet another year of growth in the number of property insureds and assumed reinsurance treaties, at fiscal year ending November 30, 2017.

“Financial results in the direct liability and property divisions were impacted by hurricanes Harvey, Irma and Maria as well as wildfires in California. Nonetheless, the assumed reinsurance business performed better than expected.”

Outgoing chairman Andre Levey said that “2017 proved to be a year of challenge yet great achievement for Ocil, with the execution of the company’s strategic diversification initiative evidencing beneficial and tangible results.”

Mr Levey added: “The many accomplishments would not have been possible without the dedication of Ocil employees and the support of shareholders, non-shareholder insureds and the board of directors.”

Ocil’s board appointed a new chairman, Roberto Benzan, who is director, corporate risk management, insurance, enterprise risk, loss control engineering of Husky Energy.

Named as deputy chairman was Lars Ostebo, vice-president, head of insurance of Statoil.