Oil Insurance Limited (OIL) 2010 Annual General Meeting and Operational Report

HAMILTON, Bermuda, March 28, 2011 /PRNewswire/ — Oil Insurance Limited
(OIL) held its 2011 Annual General Meeting(AGM) on March 23rd, 2011 at the
Fairmont Southampton Hotel in Bermuda.

Management reviewed OIL’s 2010 audited financials with the shareholders.
During the year, OIL had $783.7 million of written and earned premium while
incurred losses totaled $422.7 million. Inclusive of loss adjustment
expenses, OIL’s net underwriting income was $361.8 million. Includingnet
investment income of $435.7 million in the results, as well as G&A and other
expenses, OIL experienced net income for the year of $781.8 million.

Shareholders voted on a new slate of directors for the 2011-2012 year.

At the meeting, shareholders passed an amendment to the way in which the
windstorm deductibles are applied when a shareholder has a combined loss from
both onshore and offshore assets. In addition and prior to the AGM, the Board
of Directors met and affirmatively voted to clarify the way members declare
Oil Sands assets in their asset declaration.

OIL updated its shareholders on its Strategic Plan including the findings
related to the all-member survey. Based on the membership’s feedback, the
Company will continue toevolve its total product offering for its various
coverages. The goal is to grow the value of OIL for existing shareholders and
future prospective members.

Robert Stauffer, President & Chief Executive Officer, commented “The fact
that the company did not suffer any losses from 2010 hurricane activity was a
highlight and enabled the Company to focus on dealing with expected losses.
At the same time, the Company was able to finalize, and pay, the remainder of
the outstanding loss payments from hurricanes Katrina and Rita.”

“Operationally, 2010 was a year of transition as the company focused on
the implementation of the necessary systems and procedures. The Company’s new
Lock-in Plan and “Named Windstorm,” pools were approved in 2009 and system
changes were put into effect for enactment as of Jan 1, 2010.

“In nearly 40 years of existence, OIL has grown to the point of insuring
nearly two trillion dollars of member’s global assets, which is secured by
over $3.2 billion in shareholder’s equity with company total assets at year
end standing at $5.9 billion.

George Hutchings, Senior Vice President & Chief Operating Officer, added
that

“With the successful implementation of the changes to our windstorm
coverage and the Rating & Premium Plan, the internal operational issues that
the company faced in 2009 are considered addressed and resolved. The time is
right to focus on external-facing initiatives with a view to growing our
membership; a strategic goal which our membership survey indicates is keenly
supported by our shareholders.”

“2010 marked OIL’s renewed focus on marketing activities to attract new
global members. OIL devised a multi-pronged marketing approach that we
believe will strengthen the Company’s relationship with our existing members,
attract new quality members to the organization and advance our relationship
with the insurance broker community.”

“To date, our marketing efforts have been well received and we intend to
continue executing this plan through 2011 and beyond. After the
Macondoincident, OIL is also very well-positioned to help provide an
anticipated increase in coverage requirements to those who are not presently
members.”

For a list of the new slate of directors for the 2011 – 2012 year and a
more in-depth evaluation of OIL’s 2010 audited financial results, please see
our complete financial results on our website at http://www.oil.bm.

SOURCE OIL Insurance Limited (OIL)