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HAMILTON, Bermuda--Oil Insurance Ltd. will increase its aggregation limit for all risks to $750 million effective June 1.
The move came during the Hamilton, Bermuda-based energy mutual insurer's annual meeting on Thursday, following shareholder approval of two proposals.
The first proposal adds two new sectors--onshore and offshore Atlantic Named Windstorm, or ANWS--to the company's rating and premium plan, effective June 1.
The other proposal allows OIL to incorporate a "top up pool" for additional aggregation limits.
According to OIL's statement announcing the changes, the top up pool "is a mechanism designed to provide additional aggregation limit for ANWS events that exceed OIL's aggregation event limit either by mutualizing the incremental risk above the aggregation limit to members electing to participate in the Top Up Pool or by potentially purchasing additional limits from the reinsurance market."