Oil Casualty Insurance notched up net income last year of $1.7 million — its sixth consecutive year of profit.

The company reported written premium of $166 million for the year ended November 30 last year, an increase of $14 million on 2015.

And audited shareholders’ equity reached a record $539 million at the end of last year.

The news was yesterday released in the wake of the company’s annual meeting, held last week at the Hamilton Princess.

Andre Levey, who was reappointed as Ocil chairman, said that 2016 had been a year of “great achievement” for the firm, with its strategic diversification plan showing “beneficial and tangible results”.

The company said that it had a record 212 excess liability and property policies in force at year-end.

A company spokesman said: “The results of Ocil’s diversification initiative have been positive with the direct property and assumed reinsurance lines of business now providing an effective balance to the direct liability line.”

Ocil, which marked three decades in business last year, provides excess property and liability insurance to a broad range of industries, with a special focus on the energy industry.