Everen Declares $200 Million Dividend and Welcomes New Chief Operating Officer
Everen Limited (Everen) held its March 2023 Board Meeting on Tuesday, March 21st and its Annual General Meeting (AGM) on Thursday, March 23rd.
During the Board Meeting, the directors approved Everen's 2022 financial statements, discussed the ongoing execution of the 5-year Strategic Plan, and declared a dividend in the aggregate amount of $200 million payable on or before September 29, 2023 to shareholders of record on March 21, 2023.
During the AGM, the Shareholders approved technical wording corrections to the Eligibility Requirements and definition of a Nuclear Facility and amended Everen's Bye-Laws to resolve inconsistencies and elements not required by the Bermuda Companies Act 1981. They also elected a new Board of Directors who will serve for a year ending at the March 2024 AGM. The Shareholders recognized Gail Miller (VP, Human Resources) for her 18 years of service and significant contributions to the organization and also welcomed Robert Foskey into the role of Chief Operating Officer as he succeeds George Hutchings who is retiring at year end but will remain with the company for the balance of 2023 as Special Advisor.
Following the AGM, the newly elected Board met and elected John Weisner as Chair of the Board and Robert Wondolleck as Deputy Chair for 2023.
For 2022, Everen recorded a net loss of $776.7 million, driven by net investment losses of $524.8 million, net underwriting losses of $229.2 million and general and administrative expenses of $22.7 million. For additional information about veren's 2022 financial results, please visit www.everen.bm to view the audited financial statements.
Bertil Olsson, President and CEO, explained, "While 2022 was financially challenging, our insured losses were within expected levels. Everen is focused on creating long term value and a strong commitment to our shareholders. Our goal is to continuously deliver stable and sizeable capacity with consistent terms and conditions through difficult market environments. Over the past 9 years, Everen has charged premiums of $4.1 billion while returning almost $3.0 billion in dividends to shareholders. The Board's decision to issue the $200 million dividend carefully considered the company's multi-year Capital Management Plan and potential future capital needs of the Strategic Plan."
Robert Foskey, Senior Vice President and COO commented, "During 2022, Everen focused on several Strategic Plan initiatives including expanding our product offering by increasing the limit to $450 million, rollout of the company's new brand and website, and enhancing our internal and external marketing activities. We continue to see strong interest from energy companies around the world and welcomed two new shareholders including CEZ from the Czech Republic and Colonial Enterprises from the United States."
For further information about the company, please visit www.everen.bm
Headquartered in Bermuda, Everen Limited is the insurer of choice for the world's leading energy companies, insuring almost $4 trillion of global energy assets. The company was established in 1972 as a mutual insurer, an innovative structure whereby its policyholders are also its shareholders and coverage is provided at cost. Everen offers its shareholders per occurrence property limits of up to $450 million across an extensive range of energy industry assets - from traditional oil and gas through to alternative industry segments such as renewables. Everen's shareholders consist of medium to large sized energy companies in both the public and private sectors with an investment grade rating or equivalent. Everen is rated A by S&P and A2 by Moody's.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230327005674/en/