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.
What were the highlights of the AGM?
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.
What does the future hold for Everen?
Bertil Olsson, Everen President and CEO, 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 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,” Bertil Olsson further commented.
Robert Foskey, SVP and COO said, “During 2022, Everen focused on several Strategic Plan initiatives including expanding our product offering by increasing the limit to $450m, rollout of the firm’s brand and website, and enhancing our internal and external marketing activities.”
“We continue to see strong interest from energy companies globally and welcomed two new shareholders including CEZ from the Czech Republic and Colonial Enterprises from the US.”
For further information about the company, please visit the website.
