Bermuda-headquartered energy insurer Everen Limited’s shareholders, at its Annual General Meeting (AGM), elected a new Board of Directors who will serve until March 2025.
The newly elected Board convened and appointed John Weisner as the Chair of the Board and Brian Mullen as the Deputy Chair for 2024, as Gwenola Jan, Michele Waters, and Robert Wondolleck retired as directors.
The shareholders also voted to approve amendments to Everen’s Bye-Laws and Shareholders’ Agreement, aimed at enhancing governance and operational flexibility.
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 30th, 2024, to shareholders of record on March 19, 2024.
At the Board meeting, the directors approved Everen’s 2023 financial statements and discussed the ongoing execution of the 5-year Strategic Plan.
During the AGM, Bertil Olsson, President and Chief Executive Officer, announced that he will be retiring in March of 2025.
Olsson stated, “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.”
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. The company stated that “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.”
