Everen Specialty

What Everen Specialty does

Everen Specialty Ltd. is a Bermuda-based, Class 3B licensed specialty insurer and reinsurer founded in 1986 to address a gap in D&O and excess liability coverage for the energy industry when commercial markets ceased providing adequate capacity. The company, previously known as The OIL Group of Companies and rebranded in October 2022, writes a single core product: excess liability insurance for energy enterprises (upstream, midstream, downstream), with eligibility extended to mining and metals companies whose revenues or assets are predominantly derived from energy operations. Coverage is offered on a direct or reinsurance basis with maximum per-policy limits of $50 million for Claims Made forms and $25 million for Occurrence forms, available in multiple non-contiguous layers or on a quota share basis, denominated in U.S. Dollars or acceptable foreign currencies and written on a worldwide territory basis.

The company operates as a non-assessable mutual, owned by its policyholders. To become a shareholder, a policyholder must purchase at least $25 million in coverage limits and one share for US$5,000; shareholders accumulate voting rights capped at 9.5% based on premiums earned and may receive distributions on dividends or dissolution. The shareholder roster includes major global energy companies such as Hess, Phillips 66, Valero, ConocoPhillips, Kinder Morgan, Dominion Energy, Targa Resources, Williams Companies, Eni Insurance, and Lyondell Chemical, alongside 50+ additional energy enterprises. Distribution is conducted exclusively through a broker channel, with U.S. and Canadian risk required to be placed via non-American and non-Canadian brokers due to tax and regulatory constraints.

In 2025, Everen Specialty announced the transfer of its excess casualty energy portfolio renewal rights to Mereo Insurance Limited, with the transaction effective June 1, 2026 and the underwriting team led by Chief Underwriting Officer Carla Greaves transitioning to Mereo. Headquartered at 3 Bermudiana Road, Hamilton, with 11-50 employees and led by President & CEO Robert Foskey, the company is repositioning toward a narrower product footprint following the divestiture.

Name

Everen Specialty

Legal name

Everen Specialty Ltd.

Website

https://everenspecialty.bm

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

11–50 employees

Short description

Everen Specialty is a Bermuda-based, member-owned mutual insurer founded in 1986 that provides excess liability and D&O coverage to global energy enterprises, with shareholder-members including Hess, Phillips 66, Valero, and ConocoPhillips.

Ownership category

akta.pro rank

Product category

Specialty Insurance

NAICS

Insurance Carriers (5241)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Energy & Power Specialty (Onshore/Offshore) (FSAJAGAI)

akta.pro secondary industries

Product Liability Umbrella / Excess (FSAJANAI), Captive Insurance Advisory & Management (FSAEADAF)

Keywords

• Excess liability insurance
• Energy insurance
• Specialty insurer
• D&O coverage
• Mutual insurance

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premium Revenue: Everen Specialty generates revenue through insurance premiums charged to policyholders. The company is a member-owned insurance company with policyholders having the opportunity to become shareholders by purchasing at least $25 million in coverage limits and one share for US$5,000.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels2 records

Core offering

Everen Specialty is a Bermuda-based Class 3B licensed insurer that provides excess liability insurance coverage for the energy industry. The company offers both direct insurance and reinsurance for captive insurance subsidiaries, covering claims-made and occurrence forms with maximum limits of $50 million and $25 million respectively, available in multiple non-contiguous layers or on a quota share basis. Founded in 1986, Everen Specialty is a member-owned, non-assessable mutual company serving energy companies (upstream, midstream, downstream) and mining & metals firms globally.

Product overview

Everen Specialty operates as a single-product insurance company offering Excess Liability insurance coverage for the energy industry. The company provides both direct insurance and reinsurance solutions through a single unified product, targeting energy companies (upstream, midstream, downstream), mining, and metals sectors. Coverage is available in multiple layers with flexible limits starting at $25 million for shareholder members, with worldwide territory coverage denominated in U.S. Dollars or acceptable foreign currencies.

Differentiator

Problem solved

Functional benefit

Products and services

• Excess Liability Insurance Primary insurance product providing excess liability coverage for energy companies, available as direct insurance or reinsurance for captive insurance subsidiaries. Covers claims-made and occurrence forms with maximum limits of $50 million (Claims Made) and $25 million (Occurrence). Available in multiple non-contiguous layers or on a quota share basis with worldwide territory coverage in U.S. Dollars or acceptable foreign currencies (GBP, CAN$, EURO, AUS$).

Named customers11 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Mereo Insurance LimitedcoreChannel Partner/ Reseller/ Distributor · 1 June 2026Mereo Insurance Limited, a Bermuda-based carrier, acquired Everen Specialty's excess casualty energy portfolio renewal rights. ESL's underwriting team, led by former Chief Underwriting Officer Carla Greaves, transitioned to Mereo to provide continuity of coverage for existing policyholders. Mereo became the insurance carrier for new and renewed business effective June 1, 2026.

Scale indicators2 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• AEGIS Insurance Services: Mutual insurance organization owned by energy companies providing specialized liability and property coverage. Closest analog to Everen's mutual structure and energy-industry ownership model, with overlapping excess liability and D&O offerings.
• Aspen Underwriting: Specialty insurer with a dedicated energy property and liability practice offering excess casualty and liability coverage for upstream, midstream, and downstream operators. Competes with Everen for large energy accounts in the same Bermuda/London market ecosystem.
• Mereo Insurance Limited: Bermuda-based carrier that acquired Everen's excess casualty energy portfolio renewal rights effective June 2026. Now competes directly with Everen for the same energy industry risk pool with the former ESL underwriting team in place.

Broad incumbents

• Swiss Re: Global reinsurer with a leading energy practice providing liability and casualty reinsurance capacity to primary energy insurers. Comparable to Everen on the reinsurance side of its platform and a relevant benchmark for pricing and capacity decisions.
• Munich Re: World's largest reinsurer with deep specialty energy capabilities, providing treaty and facultative reinsurance for energy liability portfolios including excess casualty. A relevant comparator for Everen's reinsurance book and a potential capital partner.
• Beazley: Specialty insurer with a sizable energy and environmental liability book including excess casualty for upstream and downstream operators. Overlaps with Everen's energy liability offering but operates as a publicly traded specialty insurer.
• Tokio Marine HCC: Specialty insurance group within Tokio Marine that underwrites energy liability, excess casualty, and D&O coverage. Competes with Everen for large energy accounts across both the direct and reinsurance channels.
• Liberty Specialty Markets: Global specialty insurer within Liberty Mutual offering energy liability and excess casualty coverage for oil, gas, and power risks. A broad incumbent with significant energy market presence that competes for the same large-enterprise renewals.
• Markel Corporation: Diversified specialty insurer with a meaningful energy practice providing excess liability, D&O, and environmental coverage to energy companies. Overlaps with Everen on excess liability for energy accounts but operates across many other specialty lines.
• AXA XL: Global specialty insurance and reinsurance division of AXA with a long-standing energy practice. Provides excess liability, casualty, and D&O coverage to energy clients worldwide and competes for the same Fortune 500 energy accounts as Everen.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Everen Specialty