Bermudian-based Oil Insurance Limited has reported a net profit of $667.5 million for 2021, which included a $266 million underwriting profit.

That compares with a net profit of $466.5 million in 2020.

The Oil board has approved the payment of a $350 million dividend on or before June 30 for shareholders of record on March 22.

At the organisation’s virtual annual general meeting, its shareholders approved a broadened definition for energy operations that adds biochemicals, biofuels, renewable fuels, hydrogen and carbon capture and/or sequestration to Oil’s existing energy operations definition.

They also elected a new board of directors who will serve for a year ending at the March 2023 AGM.

The newly elected board met and elected John Weisner as chairman and Robert Wondolleck as deputy chairman.

Over the past 12 months, Oil said it had welcomed five new shareholders to the mutual – North West Redwater Partnership, Formosa Plastics, Edison International, Los Angeles Department of Water & Power and CEZ.

Bertil Olsson, president and CEO, said: “The board decided to authorise the $350 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 was finalised in December 2021.”

George Hutchings, senior vice-president and COO, added: “The strong performance in 2021 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.”

Oil insures more than $3.6 trillion of global energy assets for more than 60 members with per occurrence property limits up to $450 million totalling more than $22 billion 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.