Bermuda-based Oil Casualty Insurance Ltd. posted profits of $83.5 million in 2003, a marked contrast to the $44.6 million in losses recorded the year before.

The company (OCIL) said it has seen solid membership (taking on eight new members) and asset growth during the last year.

Chief operating officer John Thomson said the company?s balance sheet had seen a boost of $83.5 million in shareholders? equity during the period and its statement of operations had improved significantly with enhanced pricing and risk improvements. The company?s ?A? rating from Standard & Poor?s was reaffirmed in September 2003.

Meanwhile, the company said its new members were from various sectors including utilities, integrated oils, petrochemicals, and exploration and production.

In total, OCIL?s membership grew to 77 ? an all time high, and following their having undertaken in 2001 to broaden and diversify its shareholder base.

Gross assets insured increased by 10 percent to $1.7 trillion. Total premiums written saw growth of 37 percent to $93.3 million. Net income was $83.5 million, up from a loss of $44.6 million in 2002. For the year ahead, Mr. Thomson said the company planned to undertake a strategic review and was committed to ensuring that it continues to be aligned with its shareholders? needs and expectations.

OCIL said its aim was to continue to adapt and evolve, whilst staying true to its principles of protecting and building shareholder surplus and meeting the risk financing needs of its Members. OCIL ? an excess excess liability insurance company owned by members of the energy industry ? has been providing umbrella general liability insurance and Directors? and Officers? liability insurance (D&O) to the energy industry for 17 years.

OCIL held 75 UGL accounts as of November 30, 2003 with 44 percent of shareholders purchasing the maximum coverage with a $150 million limit.