were $974 billion, with total gross revenues of $833 billion insured.

OCIL also reported an all-time high of 61 shareholders. Eligibility for membership was expanded in 2000 to service a broader energy customer base by the inclusion of mining operations and electric utilities. Subsequently five new members joined from non-North American countries which strengthened the membership's global diversification.

A total of $67 billion new gross assets were insured in 2000. Gross premiums earned increased to over $20 million, with just under $11 million ceded to reinsurers.

Net income of $9.4 million was down on 1999, largely as a direct result of lower net investment income. Loss reserves decreased by $4 million to $55 million.

Shareholder equity increased to $400 million during the year, despite the continuous volatitlity of the insurance and financial markets, which was an increase of over $9 million on 1999. OCIL earned a financial strength rating of `A'(strong) from Standard & Poors.

Jon King, president, said: "This rating was a welcome confirmation of our policy of maintaining a strong capital base and stable long term reinsurance relationships. The continued strong financial performance of OCIL provides a solid foundation for delivering the best possible service to our shareholders in the future.''