Oil Insurance Limited (OIL) has declared a $100 million premium credit for their current shareholders.The payment will be made to shareholders of record on December 31, 2012.An OIL spokesman said that this credit will approximate a 16 percent reduction in total premium charged to the membership during 2013. “Members will see the premium credit in their fourth quarter premium billing,” stated OIL.Oil Insurance Limited (OIL) insures over two trillion dollars of global energy assets for more than fifty members with property limits up to $300 million totaling more than eleven billion dollars in total A- rated property capacity. Members are medium to large sized public and private energy companies with at least $1 billion in physical property assets and an investment grade rating or equivalent.Robert D. Stauffer, president and chief executive officer of OIL, commented that “OIL is in a strong financial position as a result of healthy investment returns and positive underwriting results over the past 18 months.“We regularly evaluate our value proposition to make sure that our members benefit from the positive results of our long term investment strategy and premium system.”George F. Hutchings, senior vice president and chief operating officer of OIL added that “Since the company’s operating objective is to deliver meaningful and broad cornerstone capacity at cost while holding adequate capital to support the risk exposures of our membership, it was clear to management and the board that granting this credit was in the best interests of the company and its members.“We operate the company with a disciplined capital management strategy and this premium credit demonstrates our unique long term value proposition.”Useful website: www.oil.bm.