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Investment results hand Everen a $776.7m loss

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Bertil Olsson, president and chief executive of Everen Limited (File photograph)

Everen Limited, the Bermudian-based energy insurer, has reported a net loss of $776.7 million for fiscal year 2022.

The company said the loss was 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.

The FY22 result compares with a net profit of $667.5 million for 2021, which included a $266 million underwriting profit.

Everen’s board of directors declared a dividend in the aggregate amount of $200 million payable on or before September 29 to shareholders of record on March 21.

Bertil Olsson, the president and chief executive, said: “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 nine years, Everen has charged premiums of $4.1 billion while returning almost $3 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, said: “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.”

At the company’s annual meeting, shareholders elected a new board of directors who will serve for a year ending at the March 2024 AGM.

The newly elected board met after the AGM and elected John Weisner as chairman of the board and Robert Wondolleck as deputy chairman.

Also during the AGM, shareholders approved technical wording corrections to the eligibility requirements and definition of a nuclear facility and amended Everen’s by-laws to resolve inconsistencies and elements not required by the Bermuda Companies Act 1981.

Shareholders recognised Gail Miller, VP, human resources, for her 18 years of service and significant contributions to the organisation and also welcomed Mr Foskey into the role of COO as he succeeds George Hutchings, who is retiring at year-end but will remain with the company for the balance of 2023 as special adviser.

Everen, formerly Oil Insurance Limited, rebranded last summer.

The new name was constructed by combining the words “forever” and “energy”.

Headquartered in Bermuda, the company has been the insurer of choice for the world’s leading energy companies, today 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.

Robert Foskey, senior vice-president and COO of Everen Limited (File photograph)

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Published March 29, 2023 at 6:13 am (Updated March 30, 2023 at 7:38 am)

Investment results hand Everen a $776.7m loss

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