Everen declares $350 million dividend and announces retirement of Chief Executive Officer in 2025
Hamilton, Bermuda, March 25, 2024 – Everen Limited (Everen) convened its March 2024 Board Meeting on Tuesday, March 19th followed by its Annual General Meeting (AGM) on Thursday, March 21st.
During the Board Meeting, the directors approved Everen’s 2023 financial statements and discussed the ongoing execution of the 5-year Strategic Plan. Additionally, the Board declared a dividend of $350 million, affirming Everen’s commitment to delivering value to its shareholders. This dividend is payable on or before September 30, 2024 to shareholders of record on March 19, 2024. The Board also thanked retiring directors Gwenola Jan, Michele Waters, and Robert Wondolleck for their years of service.
At the AGM, shareholders voted to approve amendments to Everen’s Bye-Laws and Shareholders’ Agreement, aimed at enhancing governance and operational flexibility. Shareholders also elected a new Board of Directors who will serve until the March 2025 AGM.
During the AGM, Bertil Olsson, President and Chief Executive Officer announced that he will be retiring in March of 2025 and noted “The Company is conducting an extensive recruitment process to source my successor. Whilst my retirement is still a year away, I would like to express what an honor and privilege it has been to lead this amazing organization over the past 8.5 years. It has truly been the highlight of my career. I am looking forward to the continued work over the coming year with our very talented team and Board of Directors and to transition the business to the next leader upon completion of the succession recruitment process.”
Following Mr. Olsson’s announcement, John Weisner, Chair of the Everen Board expressed the Board’s appreciation for Mr. Olsson’s sound stewardship and highlighted several key accomplishments during his tenure as CEO.
Subsequent to the AGM, the newly elected Board convened and appointed John Weisner as Chair of the Board and Brian Mullen as Deputy Chair for 2024.
For the fiscal year 2023, Everen reported a net income of $679.5 million, driven by a rebound in the investment portfolio, positive underwriting income and effective cost management. Mr. Olsson attributed this success to Everen’s unwavering commitment to creating long-term value and enhancing its value proposition. He highlighted Everen’s track record of returning over $3.1 billion in dividends to shareholders over the past decade.
Robert Foskey, Senior Vice President and Chief Operating Officer commented, “in 2023, Everen performed very well and remained dedicated to advancing Strategic Plan initiatives including our marketing and communication activities and facilitating the use of our coverages through the approval of the use of Incorporated Cell Captives. The addition of three new members underscores our continued growth, geographic and insured portfolio diversification, and the strong interest from global energy companies to be a part of our world-class energy insurance mutual.”
About Everen Limited:
Headquartered in Bermuda, Everen Limited is the insurer of choice for the world’s leading energy companies, insuring over $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.
For further information about the company, please visit www.everen.bm
For inquiries regarding this press release, please contact:
Robert Foskey
Senior Vice President & Chief Operating Officer
+1 (441) 295-0905