Everen Specialty Ltd has reported net income of $35 million for the 2023 fiscal year.

Announcing results at its annual general meeting of shareholders, Everen Specialty reported gross written premiums of $444 million, a decrease of $213 million from the prior year, a result of underwriting actions taken in 2022 and 2023.

The company reported net underwriting income of $1 million, and net investment income of $59 million.

For fiscal year-end November 30, 2023, Everen Specialty reported shareholders’ equity of $400 million.

Bertil C Olsson, president & CEO, said: “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.

“The reduction in exposures to natural catastrophes, exiting unprofitable contracts and improved investment returns all combined to generate a 10 per cent growth in shareholders’ equity.”

Mr Olsson said that he will be retiring in March of next year.

He added: “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.”

Jerry Rivers, senior VP and chief operating officer, said: “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.”

Everen Specialty said its AM Best rating of A- was reaffirmed during 2023.

Following the AGM, the Everen Specialty board of directors appointed John Talarico as chairman and Tim Bucci as deputy chairman.