Everen Specialty reports $108 million loss
Bermudian-domiciled Everen Specialty Ltd has reported a net loss of $108 million for the 2022 fiscal year.
The company reported a net underwriting loss of $21 million and a combined ratio of 109.2 per cent, a 3.7 per cent improvement over the prior year.
Everen Specialty reported a net investment loss of $62 million driven by net unrealised losses on investments as fixed income securities were impacted by the increase in global interest rates.
General and administrative expenses totalled $26 million.
Bertil C. Olsson, president and CEO, noted: “2022 was a busy and uniquely challenging year where significant volatility in the underwriting and investment markets impacted our results.
“In spite of this, the company continued to execute on its strategic initiatives to improve on the underwriting performance with a focus on certain underperforming lines of business.
“We also continued the successful expansion of Ocil Specialty Ltd, our Bermuda-based Class 3A insurance company, which is a US licensed excess and surplus lines insurer.”
Jerry Rivers, senior VP and chief operating officer, said: “Although we are disappointed with our 2022 underwriting performance, it was a $17 million improvement over the prior year.
“Significant progress was made in 2022 implementing underwriting changes to several underperforming coverage and industry segments, which commenced in late 2021. We have already seen improvement from those changes.
“Importantly, Everen Specialty continues to deliver on its value proposition by maintaining its maximum available limits of $75 million to shareholder insureds.”
As at November 30, 2022, the company reported gross written premiums of $657 million, an increase of $20 million from the prior year.
Net premiums earned for the year were $507 million.
Shareholders’ equity stood at $365 million as at November 30, 2022.
During the company’s annual general meeting, shareholders elected the board of directors for the current fiscal year.
Following the AGM, the board appointed John Talarico as chairman and Anne Chalmers as deputy chairwoman.
Everen Specialty is a provider of excess property and liability insurance to a broad array of industries with a focus on the energy industry.
The company also underwrites casualty, property and specialty treaty reinsurance.
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