Financial Highlights

As of Year End 2023
Premiums Earned
Net Income
Shareholders’ Equity
Loss Ratio
Expense Ratio
Combined Ratio
CEO’s Report
Bertil C. Olsson

Going into 2024, we will continue to stay on course and evaluate incremental changes to make Everen an even better solution for the membership.

Operationally and financially, 2023 was by all measures a very successful year for Everen. With our Strategic Plan and new brand firmly established, we focused completely on execution. Our primary commitment remains on member relations, the integrity of the membership pool as well as product quality and stability.

Going into 2024, we will continue to stay on course and evaluate incremental changes to make Everen an even better solution for the membership.

We continue to take advantage of the market environment in which many commercial markets have been shifting their positions on energy insureds. That creates instability and a question of long-term commitment. This is in clear contrast to Everen’s focus on stability and unwavering dedication to the energy industry. As the pendulum has started to swing away from some of the more drastic positions on climate change, ESG etc., we feel that Everen’s position has been vindicated. For years, we have taken the position that we are enabling the energy transition by insuring traditional energy production and protecting the cash flow generated to pay for new technology. We now see others referencing similar themes. This proves that having a clear and concise perspective on these issues and being able to communicate this effectively wins out in the long run.

Our expanded definition of energy operations and the introduction of new business sectors has been well received by the membership. New members are now able to join as pure play companies in energy technology such as hydrogen, biofuels, and carbon capture to name a few. By declaring assets in the new sectors, members allow us to correctly assess these exposures and maintain appropriate premiums. This is integral to the evolution of Everen as we follow and adapt to membership and their needs.

Going into 2024, we will continue to stay on course and evaluate incremental changes to make Everen an even better solution for the membership. There is no need for any drastic changes as our mutual concept continues to be clear, simple, and superior to most other market solutions.

We would also like to extend our heartfelt thank you to George Hutchings who, after 18 years with Everen, has retired as our Chief Operating Officer (COO). George made many contributions and positive changes leading the Everen team and we wish him the best in his retirement.

Succeeding George is Rob Foskey who took over as COO on April 1, 2023. Rob has many years of service with the company as its chief actuary and is without doubt the best fit to lead Everen in the years to come.

I end this note by thanking our management and staff for their ongoing hard work, to the Board of Directors for their leadership and guidance, and to our members for their loyalty and support of the organization.

  • Bertil C. Olsson 
    President & Chief Executive Officer
    Everen Limited

Officers’ Report
Robert Foskey, Marlene Cechini & Ricky Lines

We have now successfully completed the second year of the 5-year Strategic Plan

Everen is dedicated to delivering exceptional services that represent our core values and unwavering commitment to our members. Reflecting on the achievements of 2023, we have once again risen to the challenge by executing on our Strategic Plan, achieving strong financial performance, and expanding our membership.

We have now successfully completed the second year of the 5-year Strategic Plan

We have now successfully completed the second year of the 5-year Strategic Plan. Throughout 2023, we devoted our efforts towards the significant advancement of strategic initiatives. This included brand communication, enhancing stakeholder engagement, and successfully executing the Additional Insureds project.

Specifically, Everen continued to refine and strengthen its brand communications strategy and leverage the use of our website and Member Portal platforms to disseminate information. We also greatly enhanced communication with shareholders, prospects, and brokers through a series of well-received global meetings and information sessions. These initiatives not only contributed to the growth of Everen’s brand but also provided members, brokers, and prospects with exceptional educational and networking opportunities.

As part of the Additional Insureds project, following an extensive review of various coverage extension options, the Board approved the use of Incorporated Cell Captives. This decision was driven by the positive feedback and support received from our members. This strategic move further solidifies Everen’s commitment to providing comprehensive coverage and enhancing our value proposition.

On the membership front, we attracted three high-quality new members paired with no member departures for the seventh straight year. In 2023, Everen welcomed Inpex Corporation (Tokyo, Japan), Xcel Energy, Inc. (Minnesota, USA) and Ergon, Inc. (Mississippi, USA), growing the total member count to 67. These three new members are accretive to the mutual from both a geographic and business segment perspective and represent consistent growth in our insured asset base.

From an underwriting perspective, Everen wrote and earned $551 million of premiums and experienced incurred losses of $391 million, resulting in a net underwriting profit of $158 million. 2023 was also a record year for Everen in meeting our obligations to our members. Aside from declaring (and paying) a $200 million dividend, the company also serviced $884 million in claim payments to our members. Liquidity management, in conjunction with adhering to our investment strategy, was a priority for management during the year. For the year ending December 31, 2023, Everen reported $679 million in net income and $3.6 billion in retained earnings.

Our long-term investment strategy continues to produce solid results. 2022 was a difficult year within the investment landscape, as global interest rates increased across the maturity spectrum. Against this backdrop and adhering to our strategic portfolio mix of 55% global bonds, 35% global equities and 10% in diversified hedge funds, together with the funds held at the parent to honor our claim payment obligations, Everen recorded a total return of 10.7%. Our diversified global equity program was the predominant contributor, returning 19.8% for the year, while our global fixed income assets produced a return of 7.5%. During the year, management revamped its hedge fund strategy to better align our diversification objectives, yielding a return of 5.3%.

In closing, 2023 was another excellent year for Everen. We express our gratitude to our staff, the management team, the Board of Directors, and our members for their loyalty and dedication in making Everen the company we are today. Your support helps Everen deliver on our promise to be a robust, member owned mutual organization dedicated to supporting our members when they need us most.

  • Robert J. Foskey
    Chief Operating Officer
    Everen Limited

  • Marlene Cechini 
    Senior Vice President & Chief Financial Officer
    Everen Limited

  • Ricky Lines 
    Senior Vice President & Chief Investment Officer
    Everen Limited

Annual Report for 2023.

In an effort to be mindful of the environment, printed versions of the Everen Annual Report will no longer be available. You can, however, download the more sustainable, digital option below.