Bermudian-based Oil Insurance Ltd has reported that net investment income of $420 million drove its profitable performance in 2020.

The company had earlier announced net income of $467 million for the year. Net underwriting income was $67 million, and there was $20m in reported operating expenses. The company also made a declaration of a $380 million dividend payable by June 30.

Details of the company’s financial performance were provided to shareholders at a virtual annual general meeting held last week.

Oil said shareholders passed five resolutions at the AGM: amendment to the definition of the designated named windstorm occurrence; rewrite of the new entrant premium methodology; elimination of the named windstorm mutualisation percentage from the rating and premium plan; replacement of Libor with Sofr in the rating and premium plan; and an amendment to bye-law 30 restricting the use of directed proxies.

Fabrizio Mastrantonio, chairman of the board at Oil, said: “The company continues to operate from a position of strength. It enjoys excellent operational and financial advantages that allow it to continue to deliver its value proposition and meet the changing needs of its members.

“In addition, the development of the company’s five-year strategic plan is progressing well despite the limitations Covid-19 have placed on the board and management. Oil remains well positioned within the energy insurance market to continue supporting the energy industry into the foreseeable future much like it has for the past 49 years.”

Bertil C Olsson, president and CEO, said: “2020’s performance has set a solid foundation upon which the company can develop its strategic plan while continuing to deliver stable capacity, consistent terms and conditions at a market competitive price over the long haul and through difficult market environments.”

Mr Olsson added that Oil welcomed five new shareholders into the mutual in 2020 – Ecopetrol SA, Federated Co-Operatives Ltd, Inter Pipeline Ltd, Pembina Pipeline Corporation and United Refining Company.

After the AGM adjourned, the new board of directors met and re-elected Mr Mastrantonio as chairman of the board and Lars Østebø as deputy chairman for 2021, the company said.