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Bermuda's Oil Insurance posts record underwriting year

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Bermuda-based Oil Insurance Ltd. has posted a $731 million profit for 2014, reports The Royal Gazette.

The profit was almost up $100 million, compared with $632 million in 2013. Oil Insurance's net underwriting income increased from $53.2 million in 2013 to $551.7 million for the period. The insurer's net investment income amounted to $199.2 million in 2014. "This year was Oil's best underwriting year in the Company's 43-year history," said Oil Insurance chief executive George Hutchings.

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