Bermudian George F Hutchings is stepping down as chief operating officer of Everen Limited on April 1, the company has announced.

Mr Hutchings, who will retire at the end of 2023, will remain at Everen for the balance of the year as special adviser.

Robert J Foskey, who currently serves as chief actuary of Everen, will succeed him as COO.

John Weisner, Everen’s chairman, said: “On behalf of the board of directors, the management team, and all of Everen’s employees, I want to thank George for the tremendous impact he has had on the organisation over the past 18 years.

“A steadfast and strategic leader, George played a significant role in transforming the mutual insurer, including, the establishment of a highly cost effective capital structure, the introduction of a revised pricing methodology, the launch of a new way to cover wind storm losses, the creation of online data analytics for the membership, the development of several strategic plans and the full renaming and rebranding of the organisation.

“The board is sincerely grateful to George for his dedication to Everen and wishes him all the best in the next chapter of his life.”

Mr Weisner added: “While we will miss George, we are thrilled to welcome Rob to his new position in the organisation. Since joining Everen in 2007, Rob has played an integral role in the company’s ongoing growth and I know that this track record of success will continue when he takes over as COO."

Bertil C Olsson, president and chief executive officer, said: “Since George joined the organisation in 2005, Everen and the leadership team have grown the company’s capital base from $800 million to almost $3.5 billion today, using a conservative investment and capital management strategy.

“We have also added 33 new member insureds. During that same period, Everen returned value to its members by paying close to $3 billion in dividends.

“I am looking forward to working with Rob in his new role and am confident that he is the best choice for Everen’s next COO, as he continues to be an invaluable member of the senior leadership team.”

The company said Mr Foskey’s selection is the culmination of a robust, multiyear leadership development and succession planning process led by the board.

Mr Weisner said: “Rob was the natural choice to succeed George given his significant involvement in virtually all of the improvements made to Everen over the past 17 years.

“As chief actuary, Rob has been a key member of the leadership team and has demonstrated a strong ability to help move the organisation forward. The board is confident Rob will be a very effective leader of Everen and will continue to drive the company to further success.”

Mr Hutchings said: "It has been an honour to serve as COO of Everen during this period of transformation and growth, and I want to offer my sincere thanks to our employees whose hard work and dedication have allowed us to achieve so much.

“I also want to thank our shareholders, my colleagues in our leadership team and the board of directors for their ongoing support.

“I have worked with Rob for many years and he is an excellent choice to take the reins as COO of Everen. I look forward to working closely together for the balance of the year to ensure a smooth transition."

Mr Foskey said: "I want to thank George for his contributions to Everen over the past 18 years and the board for its confidence as I step into this role.

"I am honoured and excited to have the opportunity to work with our talented leadership team and employees to build upon the company’s success and continue to advance Everen’s position as a leader in the global energy insurance industry."