Oil Insurance Ltd.said April 1 that its board declared a dividend of $200 million at its 2016 shareholders'annual general meeting.

The dividend is payable June 16 to all shareholders on recordas of Jan. 1.

The company also announced that its shareholders approved therewrite changes to the rating and premium plan including removal of the legacy retrospectivepremium plan and the orphaned language for the now discontinued Watercraft coverage.

The board also elected RobertoBenzan as chairman of the board and Theo Guidry as deputy chairman.