NEIL is achieving success in international business through steady growth. Between 1990 and 2002, income from international nuclear risks totaled $111 million with only nominal nuclear losses or reserves.
In the early 1990s, NEIL expanded its exposure to foreign risks by entering into reciprocal reinsurance arrangements with some of the foreign nuclear insurance pools and was prepared to commit up to $250 million on any one risk. By 1993, earned income reached $8.7 million.
In 1994, Boston Consulting Group recommended continuing expansion into the international arena, and the Board approved the pursuit of international business in a cautious manner. One year later, earned income grew to $10.8 million. By 1998, opportunities with nuclear pools were seen as challenging as earned income dipped to $8.3 million. However, Boston Consulting Group reaffirmed its earlier strategy. In the fourth quarter, NEIL created ONEIL (Overseas NEIL Limited) and opened an office in Dublin.
In 1999, Electrabel became the first international Member of NEIL. Earned income rose to nearly $9.6 million, of which $3.26 million was assumed and $6.33 was direct ONEIL. Through continuing growth, earned income reached $14.8 million in 2002, of which $5.24 million was assumed and $9.6 million was direct ONEIL.
Two new international Members joined in 2003: Nuclenor and Union Fenosa from Spain. Earned income is likely to exceed $20 million by the end of the year.