Bermudian-based Oil Casualty Insurance Ltd has reported a net loss of $37 million for the year November 30, 2021.

Ocil is a Class 3B licensed insurer that provides various forms of coverage for a broad array of industries with a focus on the energy industry.

At their annual general meeting of shareholders the company reported gross written premiums of $637 million, an increase of $76 million from the year prior.

Net premiums earned for the year were $471 million.

The company reported a net underwriting loss of $38 million. There was strong net investment income of $24 million and general and administrative expenses of $23 million. Shareholders’ equity stood at $473 million as at November 30, 2021.

“Although we are disappointed with our 2021 underwriting performance, we had already begun implementing underwriting changes within our underperforming coverage and industry segments which we feel will strengthen future performance,” Jerry Rivers, senior vice-president and chief operating officer said.

He said the company continued to make good progress in 2021 by increasing risk adjusted rates in their property and liability portfolios, as well as the scaling up of their assumed reinsurance book.

“Importantly, Ocil continues to deliver on its value proposition by maintaining its maximum available limits of $75 million for our shareholder insureds,” Mr Rivers said. “The addition of Ocil Specialty Ltd will enhance the company’s product offerings to US energy companies that typically do not access insurance coverage in Bermuda.”

During the AGM on Wednesday, shareholders received an update on the company’s underwriting operations; the 2021 audited financial statements for the year ended November 30, 2021; and appointed John Talarico as chair of the board and Anne Chalmers as deputy chair.

Bertil C Olsson, Ocil president and chief executive officer, said 2021 was Ocil’s 35th anniversary and another busy year.

Mr Olsson said: “The company continued to execute on its strategic initiatives, with the two key initiatives being the expansion of our customer base by offering excess liability insurance to US based energy companies through Ocil Specialty Ltd, our Bermuda based Class 3A insurance company, which is licensed in the US with an AM Best rating of A-.”

He said the US operations began actively underwriting risks in May 2021 and has been met with a positive response from brokers and insureds alike; the other being successfully scaling up their assumed reinsurance operations.