Everen CEO to retire from energy mutual

Energy mutual re/insurer Everen's chief executive officer Bertil Olsson has announced he will retire from the company next March.

The veteran CEO of Bermuda-based Everen - formerly OIL - said: “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 honour and privilege it has been to lead this amazing organisation 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.”

FJohn Weisner, chair of the Everen Board expressed  the Board’s appreciation for Olsson’s sound stewardship at the company's annual general meeting.

The company also announced that it had net income of $679.5 million in 2023, driven by a rebound in the investment portfolio, positive underwriting income and effective cost management. 

It also declared a dividend of $350 million "affirming Everen’s commitment to delivering value to its shareholders". 

Robert Foskey, senior vice president and chief operating officer said:  “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.”

The board 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. The board will be chaired by John Weisner whiule Brian Mullen will be deputy chair. 

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