Oil Casualty Insurance Ltd (OCIL) made a net loss of $19.3 million in the year through November 2010, the company revealed at its annual meeting last week.The loss, which the company attributed to new loss case reserves, compared to net income of $124.6 million in the prior year.At the meeting, OCIL chief operating officer Jerry Rivers said the mutual’s total number of insureds reached 73 at the end of November. As of February 1, 2011, the number of insureds increased further to 76, a near record level.In addition, the Company also wrote one new reinsurance programme thus far in 2011, as the expansion of membership led to a broader-based, less volatile book of business.Mr Rivers said that perhaps the most significant success for the year was the financial strength rating of A- (Excellent) assigned by taring agency AM Best in recognition of OCIL’s accomplishments.AM Best reported that they recognised OCIL’s superior capitalisation, balance sheet strength and generally profitable operating performance as key contributors.Mr Rivers said this rating strongly represents the financial strength of the organization and the effect of the strategic initiatives undertaken by management over the past five years.Net investment income was $44.7 million last year, compared to $116.4 million in 2009.Shareholders’ equity stood at $431.5 million at the end of November, down from $450.8 million a year earlier.OCIL, which has been operating for 24 years, is a major provider of excess liability insurance to energy companies.Useful website: www.ocil.bm.