Oil Casualty Insurance posted profits of $3.6 million for last year.

And the firm reported record premiums written of $174 million, as well as shareholder equity of $533 million.

Oil Casualty Insurance Ltd (OCIL) president and CEO Robert Stauffer said the results marked 28 years of providing specialist protection to the global energy industry.

Senior vice-president and chief operating officer Jerry Rivers said the “the company experienced another year of growth in the number of excess liability and property insureds, which reached a record level of 146” at the end of the financial year last November.

The financial report added: “In 2014 OCIL spent a significant amount of time and resources updating its strategic plan that includes greater underwriting flexibility to attract smaller energy companies and increasing maximum property limits from $25 million to $50 million.”

After the results were announced at a meeting at the Fairmont Southampton, the board of directors elected Theodore Guidry as chairman and Andre Levey as deputy chairman.

OCIL provides excess property and liability insurance to energy firms and writes casualty and property reinsurance.

The company insures exploration, production, refining, marketing and pipelines, as well as petrochemicals, electric and gas utilities, mining and integrated energy operations.