Everen Specialty Ltd (Everen), a mutual insurance company, has announced its net income for the 2023 fiscal year, amounting to a total of $35 million, as well as the impending exit of its CEO.
In an annual general meeting with its shareholders, it reported gross written premiums amounting to $444 million. Everen stated that this was a decrease of $213 million from the previous year, which was a result of its underwriting actions in 2022 and 2023.
“2023 was yet another busy and challenging year as the company continued to execute on its underwriting initiatives while focusing on its core businesses of excess liability, property and assumed reinsurance,” said Bertil C. Olsson, president and CEO of Everen.
Everen also reported a net underwriting income of $1 million and a net investment income of $59 million. For the fiscal year ending on November 30, 2023, its shareholders’ equity was $400 million.
“The reduction in exposures to natural catastrophes, exiting unprofitable contracts and improved investment returns all combined to generate 10% growth in shareholders’ equity,” said Olsson.
“It is gratifying to see a $22 million improvement over the prior year underwriting results after the adjustments made to our business risk appetite over the past 18 months. Most importantly, Everen Specialty continued to deliver on its value proposition in 2023 by maintaining maximum available liability insurance limits of $75 million to shareholder insureds,” said Jerry Rivers, senior VP and chief operating officer.
Olsson stated that he will be retiring in March 2025 and that Everen will be engaging in an extensive recruitment process in order to find someone who suited to taking his place.
“While my retirement is still a year away, I would like to express what an honour and privilege it has been to lead this amazing organisation over the past 8.5 years,” said Olsson.
“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,” he said.
The Everen Specialty board of directors has also appointed John Talarico as chairman and Tim Bucci as deputy chairman.
