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Oil Insurance Ltd. (OIL) says it posted net income of $646million for 2012 in a year where the energy sector suffered nosevere weather-related losses and the mutual insurer's investmentportfolio posted solid returns.
The Hamilton, Bermuda-based insurer for the energy-businesssector says the company produced underwriting income of $60 millionon written premiums of $634 million.
|The results also included $608 million in net investmentincome.
|Last year's results were an improvement over 2011, when thecompany reported a net loss of $104 million, $558 million inwritten premiums, and an underwriting loss of $55 million.
|President and CEO of OIL, Robert Stauffer, says 2012 was a goodyear in general for the company with losses, reported at $613million, coming in close to expected.
|OIL's members are medium to large sized public and privateenergy companies with at least $1 billion in physical propertyassets and an investment grade rating or equivalent.
|OIL says two new members joined the company in 2012: CanadianOil Sands Ltd. and Energy Transfer Partners L.P. One company, ElPaso, departed after its acquisition by Kinder Morgan.
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