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Oil Casualty Insurance generates $28.3m net income

Bermuda-based Oil Casualty Insurance Ltd (OCIL) generated a net income of $28.3 million in 2012, experiencing another year of growth for the company.

OCIL, which provides insurance cover to energy businesses along with writing casualty and property treaty reinsurance, reached a record level of excess liability insureds for the 2012 fiscal year — standing at 113.

The company’s direct book continued to grow, while maintaining a diverse spread of business from various energy sectors. Renewal retention remained strong at greater than 90 percent and OCIL increased its premiums earned by 72 percent over fiscal year 2011.

In the fourth quarter of 2012, OCIL also launched its direct and facultative property line of business.

OCIL finished the year with record written premium of $145.9 million. The continued expansion of the company’s direct insurance operations, growth in assumed reinsurance business and recent expansion into direct and facultative property business has created a more dynamic and sustainable business model, said OCIL in a statement.

At fiscal year-end, shareholders’ equity stood at $489 million, a six percent increase over the same period last year.

Domiciled here for 26 years, OCIL provides insurance cover for exploration and production, refining and marketing, pipelines, petrochemicals, electric/gas utilities, mining and integrated energy companies.

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Published April 02, 2013 at 9:00 am (Updated April 01, 2013 at 7:03 pm)

Oil Casualty Insurance generates $28.3m net income

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