EVEREN History

Everen History

Everen Limited (Everen) was formed in 1972 by 16 energy companies in response to two large-scale industry accidents that occurred in the late 1960s. The combination of an Oil spill in Santa Barbara, California and a refinery explosion in Lake Charles, Louisiana resulted in inadequate coverage and pricing provided by the commercial markets, which triggered the formation of Everen.

At the time of its formation, there was little confidence in the insurance industry that the organization would even survive. In an article in the London times from February 23rd of that year entitled ‘Concern as Everen firms bypass London insurance market,’ the outlook for Everen was bleak. The London market’s view at the time was that Everen would not be able to cope indefinitely with its insurance load.

Over forty-five years later, Everen is still in business. It is a world leader in global energy insurance and has achieved many milestones and seen significant growth since its inception:

  • Membership has grown from 16 members in 1972 to 60+ members in 2022.
  • Globally insured assets have grown from $48 billion in 1972 to over $3 trillion in 2022.
  • Shareholder’s equity has grown from $160,000 in 1972 to over $3 billion in 2022.
  • Total assets have grown from $160,000 in 1972 to close to $7 billion in 2022.

Everen is rated A (stable) by Standard & Poor’s and A2 by Moody’s.Oil