Oil Insurance Limited made a profit of $466.5 million last year. It recorded a $66.9 million underwriting profit.

The company has declared a $380 million dividend.

During a board meeting in Bermuda last week, the directors approved the company’s 2020 financial statements, discussed the development of its strategic plan, approved the payment of a $380 million dividend on June 30, for shareholders of record on March 24, and modified the designated named windstorm (DNWS) definition.

The company modified the definition in order to minimise the chances future named storms, which originate outside of the Atlantic basin, become classified as DNWS. A storm’s centre, instead of just a portion of a storm, now determines if it enters the Atlantic basin and becomes a DNWS. The change is effective as of March 24.

Fabrizio Mastrantonio, chairman of the Oil board, said: “The Board decided to authorise the $380 million dividend after carefully reviewing the company’s multiyear capital management plan and while considering future capital needs that may come out of its Strategic Plan which will be finalised in 2021.”

Bertil Olsson, president and chief executive officer, said: “The strong performance in 2020 and the robust capital position of the company has enabled us to once again return a significant amount of capital to our shareholders and demonstrate the superior value of the Oil model”.