The board of energy mutual Everen has appointed Robert Foskey its chief operating officer, succeeding George Hutchings who is retiring year, end but will remain with the company for the balance of 2023 as special advisor.
The newly elected board also selected John Weisner as chair and Robert Wondolleck deputy chair for 2023.
Everen recorded a net loss of $776.7m in 2022, driven by net investment losses of $524.8m, net underwriting losses of $229.2m and general and administrative expenses of $22.7m.
Board directors declared a dividend in the aggregate amount of $200m payable on or before 29 September 2023 to shareholders.
Bertil Olsson, president and CEO, said: “While 2022 was financially challenging, our insured losses were within expected levels. Everen is focused on creating long term value and a strong commitment to our shareholders.
“Our goal is to continuously deliver stable and sizeable capacity with consistent terms and conditions through difficult market environments. Over the past nine years, Everen has charged premiums of $4.1bn while returning almost $3bn in dividends to shareholders.
“The Board’s decision to issue the $200m dividend carefully considered the company’s multi-year capital management plan and potential future capital needs of the strategic plan.”
Robert Foskey, senior vice president and COO, said: “During 2022, Everen focused on several strategic plan initiatives including expanding our product offering by increasing the limit to $450m, rollout of the company’s new brand and website, and enhancing our internal and external marketing activities.
“We continue to see strong interest from energy companies around the world and welcomed two new shareholders including CEZ from the Czech Republic and Colonial Enterprises from the United States.”
In a recent interview with Captive Intelligence, Olsson discussed how Everen is helping to facilitate the global transition to a greener economy by providing an insurance option to all types of energy companies, including both old and new projects.