Our history

Everen was established in 1972 to address the increasingly unmet needs of the energy insurance market for capacity, coverage, and claims payment certainty. Featuring an innovative mutual structure and membership limited to companies in the petroleum industry, the organization started with just 16 members and shareholders’ equity of $160,000. Today, Everen has expanded to 69 shareholders, including traditional and alternative segments of the energy industry, and operates with close to $3.5 billion in shareholders’ equity.

1967 - 1969

Lake Charles Refinery fire and Santa Barbara oil spill lead to a lack of capacity and coverage for the energy industry

1972

Oil Insurance Limited (now Everen) starts with 16 petroleum members

1994

Accounting standards for risk transfer treatment of retro changes (FASB EITF 93-14), creating challenges for small members and leading to the introduction of the Flat Premium Plan. Event aggregation is also introduced 
 

1996

Sector Weightings are introduced as a pricing tool

1998

OIL reaches $2 billion of shareholders’ equity

2001

Electrical utility, Chemical, and Mining are introduced as new sectors, expanding the membership base beyond petroleum

2002

80 members at the end of the year, including 33 joining in two years, driven by the lack of terrorism coverage after 9/11

2005

Hurricanes Katrina & Rita lead to $1.7 billion of premium calls

2009

S&P and BMA allow capital credit for TWP. The Lock-In Method and Windstorm Plan are adopted for the 2010 policy year

2012

Limit increases to $300 million, Event aggregate to $900 million and Windstorm to $750 million

2014

Retained Earnings hit $4.3 billion and Experience Modification approved to start in 2015

2015

Limit increases to $400 million and Event Aggregate to $1.2 billion

2018

Offshore coverage in the Gulf of Mexico is eliminated. S&P upgrades OIL to ‘A’ Stable

2021

OIL’s new strategic plan, which incorporates the energy transition, is approved

2022

OIL rebrands to Everen. Limit also increases to $450 million and Event Aggregate to $1.35 billion