President and CEO of Oil Insurance Limited and Oil Casualty Insurance Ltd., Robert Stauffer Planned Retirement in 2016

HAMILTON, Bermuda, Oct. 15, 2014 /CNW/ - After more than a decade of successful and distinguished service in Bermuda as President and Chief Executive Officer of Oil Insurance Limited (OIL), and Oil Casualty Insurance Ltd. (OCIL), Robert Stauffer has announced his planned retirement at the start of 2016. In addition to his role as President and CEO, Bob has also served as a Director of OCIL since 1986 and as a Director of OIL since 1988.

The Joint Succession Planning Committee (Succession Committee) of the Boards of Directors of the member companies is initiating a search and succession process for selection of a new President and CEO. The Succession Committee plans to have Bob's replacement on board before his retirement.

Gerard Naisse and Theo Guidry, the respective Chairmen of Oil Insurance Limited and Oil Casualty Insurance, Ltd., have indicated that "we believe that Bob leaves our respective member companies in very good shape and that we could not have a better time for a change in leadership." The goal of the Succession Committee is for the transition to proceed in an orderly manner with no disruption to the operations of the member companies.

SOURCE: OIL Insurance Limited (OIL)